United Kingdom

United Kingdom

Sayanna
Sayyana kontham

Country Expert

United Kingdom Statistics

The United Kingdom (UK) consists of England, Scotland, Wales, and Northern Ireland. This region practices a free market economy, which means that buyers and sellers have most of the decision-making power and are not restricted by government policies. The economy of the UK is the fifth largest in the world when measured by nominal gross domestic product (GDP). Additionally, it is the second largest economy in the European Union (although it has recently voted to terminate its membership).
The UK has large coal, natural gas, and oil resources. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth.
$ 1
GDP in lakh crores
1 crores
Population (2019)
1
Area ( km. sq. )
Import Of United Kingdom

In 2018 United Kingdom imported a total of $651B, making it the number 6th trade destination in the world.
Main Import Countries

Export Of United Kingdom

In 2018 United Kingdom exported a total of $464B, making it the number 9th exporter in the world.
Main Export Countries

Major Sectors

Finance and Banking Information Technology Construction Manufacturing Transportation and Logistics

There are currently more than 2 million people working in the finance and banking industries all over the United Kingdom – that’s 7 per cent of the country’s total working population. According to the latest data, the country has nearly 40,000 businesses that specialise in financial services, and a further 37,000 provide accountancy services. Outside of London, the UK’s main financial centres are in Edinburgh, Leeds, Manchester, and Birmingham. Currently, this sector accounts for 7.5 per cent of the country’s GDP.

As of February 2014, the information communications technology sector was worth £58 billion. Nearly every major industry relies on technology in order to function, so the importance of the technology sector cannot be underestimated. Along with creative and digital industries, the IT sector accounts for 4.5 per cent of the UK’s gross value added, and employs over 1 million people or 3.7 per cent of the country’s active population. As the knowledge-based economy becomes a reality, it is expected that nearly half of the UK’s GDP will come from this sector within the next decade.

According to an article published by The Guardian, the construction industry currently accounts for 6 per cent (£90 billion) of the United Kingdom’s total GDP. The Department for Business Innovation and Skills reports that in 2013, 2.93 million people were employed in the 280,000 construction businesses that exists in the country. This means that construction-related employment accounts for nearly 10 per cent of the UK’s working population.

The UK has a strong manufacturing tradition that goes back to the origins of the Industrial Revolution. Prior to 2009, the manufacturing sector was the UK’s third largest, generating revenues that accounted for 11.7 per cent of the country’s total GDP and employing 8 per cent of the working population. Despite the pressures brought about by the recession, this sector has managed to stay alive, as it is estimated that it currently accounts for 10 per cent of the UK’s GDP thanks to its accelerated output and employment rates. The most important manufacturing sub-sectors are food and beverages, metal products, publishing and printing, equipment and machinery, chemicals, and pharmaceuticals.

This growing industry sector employs approximately 1.5 million people in roles that range from air transport to courier services. In 2011, there were nearly 85,000 established logistics businesses. Although the number of companies in this sector has been declining since the onset of the recession, a recent survey revealed that more than half of respondents anticipated significant growth within the next few years.

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