Economy of United Kingdom
An overview of key economic indicators. Select a category for detailed trends, charts, and insights.
Explore Economic Domains
Growth & Output
Trade & Finance
Labor & Income
Energy & Environment
Economic Snapshot Overview
A summary of key economic indicators for United Kingdom
- The economic architecture of United Kingdom is substantial, anchored by a Gross Domestic Product (GDP) of approximately $3.38T2023. This places it as the 6th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $49.46K2023, while its GDP in Purchasing Power Parity (PPP) terms is estimated at $3.98T, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 0.3%2023, while managing moderate inflation, with a CPI of 3.3%2024.
- On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country has a relatively balanced trade profile, with exports making up 31.7% of GDP and imports 32.2%2023. Foreign Direct Investment (FDI) inflows are significant, constituting -2.65% of the economy2023. This performance positions the country 176th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $4.49B annually2023, highlighting the economic importance of its diaspora. The government's fiscal position is supported by a strong tax base, with tax revenue accounting for 27.3% of GDP2023.
- The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $47,7002023. Globally, this ranks the nation 24th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is stable, with unemployment at 4.1%2024. The services sector is a primary driver of the labor market, accounting for 81.2% of total employment2023. Poverty remains a key issue, with 18.6% of the population living below the national poverty line2017. The country has a relatively equitable distribution of income, with a Gini index of 32.42021.
- On the environment and energy front, energy consumption per capita is 2,151.227 kg of oil equivalent2023. The energy mix is still heavily reliant on traditional sources, with renewables contributing 12.2%2021. Its commitment to clean energy places it 62nd among 190 countries for its share of renewable energy consumption.
Key Economic Insights
Macroeconomic Health
Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.
Trade & Investment Profile
The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.
Social Equity & Distribution
Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.
Energy & Sustainability
Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.
Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.