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| Economy overview | The UK, a leading trading power and financial center, is one of the quartet of trillion dollar economies of Western Europe. Over the past two decades the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with only 1% of the labor force. The UK has large coal, natural gas, and oil reserves; primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. GDP growth slipped in 2001-03 as the global downturn, the high value of the pound, and the bursting of the "new economy" bubble hurt manufacturing and exports. Still, the economy is one of the strongest in Europe; inflation, interest rates, and unemployment remain low. The relatively good economic performance has complicated the BLAIR government's efforts to make a case for Britain to join the European Economic and Monetary Union (EMU). Critics point out, however, that the economy is doing well outside of EMU, and they point to public opinion polls that continue to show a majority of Britons opposed to the euro. Meantime, the government has been speeding up the improvement of education, transport, and health services, at a cost in higher taxes. The war in March-April 2003 between a US-led coalition and Iraq, together with the subsequent problems of restoring the economy and the polity, involve a heavy commitment of British military forces. |
| GDP | purchasing power parity - $1.666 trillion (2004 est.) |
| GDP - real growth rate | 2.2% (2004 est.) |
| GDP - per capita | purchasing power parity - $27,700 (2004 est.) |
| GDP - composition by sector |
agriculture: 0.9% industry: 26.5% services: 72.6% (2004 est.) |
| Investment gross fixed | 16.2% of GDP (2004 est.) |
| Population below poverty line | 17% (2002 est.) |
| Household income or consumption by percentage share |
lowest 10%: 2.3% highest 10%: 27.7% (1995) |
| Distribution of family income - Gini index | 36.8 (1995) |
| Inflation rate consumer prices | 1.4% (2004 est.) |
| Labor force | 29.6 million (2004 est.) |
| Labor force by occupation | agriculture 1%, industry 25%, services 74% (1999) |
| Unemployment rate | 5% (2004 est.) |
| Budget |
revenues: $688.9 billion expenditures: $746.1 billion, including capital expenditures of na (2004 est.) |
| Public debt | 51% of GDP (2004 est.) |
| Agriculture products | cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish |
| Industries | machine tools, electric power equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, textiles, clothing, and other consumer goods |
| Industrial production growth rate | -0.7% (2004 est.) |
| Electricity production | 360.9 billion kWh (2001) |
| Electricity production by source |
fossil fuel: 73.8% hydro: 0.9% other: 1.6% (2001) nuclear: 23.7% |
| Electricity consumption | 346.1 billion kWh (2001) |
| Electricity exports | 264 million kWh (2001) |
| Electricity imports | 10.66 billion kWh (2001) |
| Oil production | 2.541 million bbl/day (2001 est.) |
| Oil consumption | 1.71 million bbl/day (2001 est.) |
| Oil exports | 2.205 million bbl/day (2001) |
| Oil imports | 1.418 million bbl/day (2001) |
| Oil proved reserves | 4.741 billion bbl (1 January 2002) |
| Natural gas production | 105.9 billion cu m (2001 est.) |
| Natural gas consumption | 92.85 billion cu m (2001 est.) |
| Natural gas exports | 15.75 billion cu m (2001 est.) |
| Natural gas imports | 2.7 billion cu m (2001 est.) |
| Natural gas proved reserves | 714.9 billion cu m (1 January 2002) |
| Current account balance | $-7.556 billion (2004 est.) |
| Exports | $304.5 billion f.o.b. (2004 est.) |
| Exports commodities | manufactured goods, fuels, chemicals; food, beverages, tobacco |
| Exports partners | US 15.7%, Germany 10.5%, France 9.5%, Netherlands 6.9%, Ireland 6.5%, Belgium 5.6%, Spain 4.4%, Italy 4.4% (2003) |
| Imports | $363.6 billion f.o.b. (2003 est.) |
| Imports commodities | manufactured goods, machinery, fuels; foodstuffs |
| Imports partners | Germany 13.5%, US 10.2%, France 8.1%, Netherlands 6.3%, Belgium 4.9%, Italy 4.7% (2003) |
| Reserves of foreign exchange gold | $46.05 billion (2003) |
| Debt external | NA (2002 est.) |
| Economic aid recipient | |
| Currency | British pound (GBP) |
| Currency code | GBP |
| Exchange rates | British pounds per US dollar - 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000), 0.6181 (1999) |
| Fiscal year | 6 April - 5 April |
Introduction and Background to United Kingdom | Geography Of United Kingdom | People Of United Kingdom | Government Of United Kingdom | Communications Of United Kingdom | Transportation Of United Kingdom | Military Of United Kingdom | Transnational Issues Of United Kingdom
British Flag Map Of United Kingdom English language
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