ECONOMY of the UNITED KINGDOM. Wikipedia. June 2013
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Economy of the United Kingdom - Wikipedia, the free encyclopedia Create account Log in Article Talk Read Edit Economy of the United Kingdom From Wikipedia, the free encyclopedia (Redirected from UK economy) Main page Contents The United Kingdom has the sixth-largest national economy in the world Economy of the United Kingdom Featured content measured by nominal GDP and eighth-largest measured by purchasing Current events power parity (PPP), and the third-largest in Europe measured by nominal Random article GDP and the second-largest in Europe measured by PPP. The UK's GDP Donate to Wikipedia per capita is the 22nd-highest in the world in nominal terms and 22nd- highest measured by PPP. The British economy comprises (in descending Interaction order of size) the economies of England, Scotland, Wales and Northern Help Ireland. About Wikipedia [13] Community portal The UK has one of the world's most globalised economies. London is [14][15][16] Recent changes the world's largest financial centre alongside New York and has [17] Contact Wikipedia the largest city GDP in Europe. As of December 2010 the UK had the third-largest stock of both inward and outward foreign direct Canary Wharf business district in London Toolbox investment.[18][19] The aerospace industry of the UK is the second- or third- Rank 6th (nominal) / 8th (PPP) (2nd in Europe) Print/export largest national aerospace industry, depending upon the method of Pound sterling (GBP) measurement.[20][21] The pharmaceutical industry plays an important role in Currency Languages the UK economy and the country has the third-highest share of global Fiscal year 6 April – 5 April pharmaceutical R&D expenditures (after the United States and Trade European Union, OECD and World Trade Organization Български Japan).[22][23] The British economy is boosted by North Sea oil and gas organisations Català reserves, valued at an estimated £250 billion in 2007.[24] The UK is Statistics Česky currently ranked seventh in the world in the World Bank's Ease of Doing GDP 2012 (PPP): $2.375 trillion (9th, 2nd in Cymraeg Europe). 2012 (Official Exchange Rate): Business Index.[6] Deutsch $2.441 trillion (Both CIA World Factbook) Español In the 18th century the UK was the first country in the world to [25][26][27] [1] Français industrialise and during the 19th century it held a dominant role in GDP growth 0.3% Q1 2013 (0.6% y/y) (ONS) [28] [2] Galego the global economy. From the late-19th century the Second Industrial GDP per capita $38,591 (2012) (nom; 20th) [2] Ido Revolution in the United States and Germany presented an increasing $36,728 (2012) (PPP; 17th) Íslenska economic challenge to Britain. Despite victory, the costs of fighting both the GDP by sector agriculture: 0.7%, industry: 21.5%, services: 77.8% (2011 est.) Italiano First World War and Second World War further weakened the UK's relative (position, and by 1945 it had been superseded by the United States as the Inflation (CPI) CPI:2.7%, RPI 3.1% (May 2013 עברית [29] dominant economic power. However, it still maintains a significant role in Population 16.1% with household income below the world economy, such as in financial services,[30][31][32] and the below poverty 60% of UK median income (2010-11 Bahasa Melayu [3] [33][34][35] line est.) Nederlands knowledge economy. London's West End theatre is the major Gini 0.34 (2010-11)[3] 日本語 commercial theatre for the highest economic output for Performing arts coefficient Occitan industry in the English-speaking world as well as generating positive effects Labour force 29.71 million (May 2013)[4] Português for the UK's tourism industry. Since 1979 and the government of Margaret Labour force Agriculture: 1.4%, industry: 18.2%, Qaraqalpaqsha Thatcher, the reform of the UK's utility economy has followed market by occupation services: 80.4% (2006 est.) Русский economy approach to drive the impetus for stimulating the Macroeconomics [36][37][38][39][40][41] Unemployment April 2013: 7.8%, 2.51 million (January Shqip of the UK economy. The UK government's taxation 2012: 8.4%, 2.67 million) Српски / srpski policy was switched to indirect taxes rather than direct taxes during the Average gross €4,108 / $5,546, monthly (2006)[5] 1980s, and the effect of this economic liberalisation by the foundation of Suomi salary Svenska accumulative economic growth remains broadly sound in place today in UK Average net €2,749 / $3,712, monthly (2006)[5] and (including former) UK colonies.[42][43] Українська salary Tiếng Việt Government involvement in the British economy is primarily exercised by Main List [show] HM Treasury, headed by the Chancellor of the Exchequer. The Bank of industries 文 中 England is the UK's central bank and its Monetary Policy Committee is Ease of Doing 7th[6] Edit links responsible for setting interest rates. The currency of the UK is the pound Business Rank sterling, which is also the world's third-largest reserve currency after the External [44] U.S. dollar and the euro. The UK is a member of the Commonwealth of Exports $479.2 billion (2011 est.)[7] Nations, the European Union, the G7, the G8, the G20, the International Export goods Manufactured goods, sup, chemicals, Monetary Fund, the Organisation for Economic Co-operation and food, beverages, tobacco, automotive http://en.wikipedia.org/wiki/UK_economy[21/06/2013 12:44:30] Economy of the United Kingdom - Wikipedia, the free encyclopedia Development, the World Bank, the World Trade Organisation and the United vehicles and components, computer Nations. programming, finance, entertainment, clothes, fuel oil and petroleum products, industrial supplies and materials, Contents [hide] military arms and equipment, 1 History pharmaceuticals, other. 1.1 1945 to 1979 Main export Germany 11.6%, 1.2 1979 to 1997 partners United States 10.6%, 1.3 1997 to 2008 Netherlands 8.4%, 1.4 2008 onwards France 7.8%, 2 Macroeconomic trend Republic of Ireland 6.4%, 2.1 Gross Domestic Product Belgium 5.7% (2011)[7] 2.2 Inflation rate Imports $639 billion (2011 est.)[7] 2.3 Employment Import goods Manufactured goods, machinery, fuels; 3 Public Finances foodstuffs 3.1 Taxation and borrowing Main import Germany 13.2%, 4 Sectors partners China 8.7%, 4.1 Agriculture, hunting, forestry, and fishing Netherlands 7.5%, 4.2 Construction United States 6.1%, 4.3 Production industries France 6%, 4.3.1 Electricity, gas and water supply Norway 5%, 4.3.2 Manufacturing Belgium 5% (2011)[7] 4.3.3 Mining and quarrying FDI stock $1.169 trillion (31 December 2010 est.) 4.4 Service industries 4.4.1 Creative industries Gross external $9.836 trillion (30 June 2011) (2nd) debt 4.4.2 Education, health and social work 4.4.3 Financial and business services Public finances 4.4.4 Hotels and restaurants Public debt £1,185.8 billion (March 2013) (75.4% [8] 4.4.5 Other social and personal services GDP) [8] 4.4.6 Public administration and defence Budget deficit £120.6 billion (2012-201313 FY) 4.4.7 Real estate and renting activities Revenues £592 billion (2012-2013 FY) 4.4.8 Tourism Expenses £682 billion (2012-2013 FY) 4.4.9 Transport, storage and communication Economic aid $10 billion (2012) (donor) 4.4.10 Wholesale and retail trade Credit rating Standard & Poor's:[9] 5 Currency AA1 (Domestic) 5.1 Exchange rates AA1 (Foreign) 6 Regional variations AA1 (T&C Assessment) Outlook: Negative[10] 7 Economic indices[needs update] Moody's:[11] 8 Exports Aa1 9 Poverty Outlook: Negative Watch 10 References Fitch: [12] 11 External links AAA Outlook: NEGATIVE Foreign $127.8 billion (Aug 2012) History [edit] reserves Main article: Economic history of the United Kingdom Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars 1945 to 1979 [edit] Following the end of the Second World War, the United Kingdom enjoyed a long period without a major recession (from 1945 to 1973) and a rapid growth in prosperity in the 1950s and 1960s. According to the OECD, the annual rate of growth (percentage change) between 1960 and 1973 averaged 2.9%, although this figure was far behind the rates of other European countries such as France, West Germany and Italy.[45] However, following the severe shock of the 1973 oil crisis and the 1973–1974 stock market crash, the British economy had fallen into recession by the time Edward Heath's Conservative Party government had been ousted by the Labour Party as Harold Wilson moved into office for the second time, forming a minority government on 4 March after the general election on 28 February ended in a hung parliament, and then securing a three-seat majority in a second election in October that year. GDP had fallen by 1.1%, recording weaker growth than other European nations in the 1970s overall; even when the recession ended in 1975, the economy was still blighted by double-digit inflation and unemployment was rising. Overall economic picture deteriorated with accelerating inflation and slumping pound sterling pushing the UK to accept an IMF rescue to the tune of £2.3bn loan. The IMF forced Chancellor Denis Healey into harsh public spending cuts and austere economic measures as part of reforms put through to improve the economic situation and as a condition to the rescue package. Soon enough, in 1979 the government fell. http://en.wikipedia.org/wiki/UK_economy[21/06/2013 12:44:30] Economy of the United Kingdom - Wikipedia, the free encyclopedia 1979 to 1997 [edit] A new period of neo-liberal economics began in 1979 with the election of Margaret Thatcher who won the general election on 3 May that year to return the Conservative Party to government after five years of Labour rule.