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.