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Memo Provided By: Globaledge.Msu.Edu and EXPORT.GOV United Kingdom Introduction Key Economic Facts Risk Assessment (Provided by Coface) United Kingdom is an island country spanning an Income Level (by per capita High Income Country rating: A4 - A somewhat shaky political and archipelago including Great Britain, located in Western GNI): economic outlook and a relatively volatile business Europe comprising England, Scotland, Wales, and Northern Level of Development: Developed environment can affect corporate payment behavior. Ireland. United Kingdom is surrounded by GDP, PPP (current international $3,254.71 billion (2019) the Atlantic Ocean, the North Sea, the $): Corporate default probability is still acceptable on average. English Channel, and the Irish Sea. It lies GDP growth (annual %): 1.46% (2019) Business Climate rating: A1 - The business environment near vital North Atlantic sea lanes and is GDP per capita, PPP (current $48,698.13 (2019) is very good. Corporate financial information is available and only 35 km from France and linked by international $): reliable. Debt collection is efficient. Institutional quality is tunnel under the English Channel. The geography is mostly Manufacturing, value added (% 8.59% (2019) very good. Intercompany transactions run smoothly in rugged hills and low mountains. The government system is of GDP): constitutional monarchy and a Commonwealth realm; the Current account balance (BoP, -$113.29 billion (2019) environments rated A1. chief of state is the queen, and current US$): Strengths the head of government is the Inflation, consumer prices 1.74% (2019) • Production of hydrocarbons covers three-quarters of (annual %): prime minister. The United energy needs Kingdom has an advanced Labor force, total: 34,699,630 (2020) • Cutting-edge sectors (aeronautics, pharmaceuticals, open market economy in which Unemployment, total (% of 4.11% (2020) the prices of goods and total labor force) (modeled ILO automotive) estimate): services are determined in a • Financial services free price system. Imports of goods and services $924.69 billion (2019) (current US$): • Competitive and attractive tax regime Location: Northern Europe Exports of goods and services $894.08 billion (2019) Weaknesses Capital City: London (GMT) (current US$): • Uncertainties about future trade relationship with the Chief of State: Queen Elizabeth II EU Head of Govt.: Prime Minister Boris Johnson • High public and household debt (120% of disposable Currency: British pound (GBP) GDP Composition % Agriculture Services Industry Manufacturing income) Major Languages: <p>English, Scots (about 30% of the population of Scotland), Scottish • Low productivity and training deficit not conducive to 71 Gaelic (about 60,000 speakers in innovation Scotland), Welsh (about 20% of the 17 population of Wales), Irish (about 10% 1 9 • Regional disparities between the South-East of the population of Northern Ireland), *Although Manufacturing is included in the Industry figures, it is also separately (especially London) and the rest of the country, Cornish (some 2,000 to 3,000 people reported because it plays a critical role in economy. in Cornwall) (2012)</p> particularly in terms of transport and energy Rankings Primary Religions: <p>Christian (includes Anglican, infrastructure Roman Catholic, Presbyterian, Index Rank Methodist) 59.5%, Muslim 4.4%, Corruption Perceptions Index 12 / 180 U.S. Embassy Hindu 1.3%, other 2%, unspecified 7.2%, none 25.7%</p> EY Globalization Index 10 / 60 U.S. Embassy London 24 Grosvenor Square Calling Code: 44 Global Competitiveness Index 8 / 141 London, W1A 2LQ Voltage: 230 Global Enabling Trade Index 8 / 136 Global Manufacturing Competitiveness Index 6 / 40 United Kingdom Key Websites (GMCI) Phone: [44] (0)20 7499-9000 Global Services Location Index 19 / 55 https://uk.usembassy.gov Main Government Page: gov.uk Index of Economic Freedom 7 / 179 Commerce Ministry: gov.uk International Logistics Performance Index (LPI) 9 / 160 Investment Promotion gov.uk Inward FDI Potential Index 3 / 139 Agency: KOF Index of Globalization 8 / 185 Networked Readiness Index (NRI) 8 / 139 Open Budget Index 10 / 115 Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.
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