The factors covered are:
Overview of the UK economy
Economic growth
Exchange rates
Interest rates
Inflation
Foreign direct investment
Trade
Taxation
Major UK-owned companies
Labour environment
Further information
The government department in the UK with responsibility for the economy is HM Treasury. For further information, please see: www.hm-treasury.gov.uk
1. Overview of the UK economy
The UK is the fifth largest economy in the world, with a gross domestic product (GDP) of US$2,727 billion (Source: World Bank, 2008). The UK is forecast to have the strongest business environment of all major European economies for the period from 2008 to 2012 (Source: EIU, 2008).
In summary, the UK:
has a population of 61 million (Source: ONS, 2008),
was the second largest recipient of foreign direct investment (FDI) globally in 2007 (Source: UNCTAD, 2008),
is a leading global trading nation, being the second largest exporter and third largest importer of commercial services, and the eighth largest exporter and fifth largest importer of merchandise (Source: World Trade Organization, 2009),
is a member of the European Union, the world’s largest trading entity, with nearly 500 million consumers and a GDP of approximately US$19,000 billion (Source: Eurostat, 2008),
is one of the most competitive locations in Europe for business and personal taxation,
has low unemployment (with an unemployment rate well below the European Union average), and
has the best European city – London – in which to do business (Source: Healey & Baker, European Cities Monitor, October 2008).
For more information please see:
the Office for National Statistics (www.statistics.gov.uk),
Eurostat/European Commission (www.europa.eu.int/comm/eurostat),
the Organisation for Economic Development and Co-operation (www.oecd.org),
the World Trade Organization (www.wto.org), and
the United Nations Conference on Trade and Development (www.unctad.org).
For more information
For more information and easy reading and printing download the UK economy at a glance information sheet as a PDF.
