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ECONOMY
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Economy
- Overview:
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The
UK is one of the world's great trading powers and financial centers,
and its essentially capitalistic economy ranks among the four
largest in Western Europe. Over the past two decades the government
has greatly reduced public ownership and contained the growth
of social welfare programs. Agriculture is intensive, highly mechanized,
and efficient by European standards, producing about 60% of food
needs with only 1% of the labor force. The UK has large coal,
natural gas, and oil reserves; primary energy production accounts
for 10% of GDP, one of the highest shares of any industrial nation.
Services, particularly banking, insurance, and business services,
account by far for the largest proportion of GDP while industry
continues to decline in importance, now employing only 18% of
the work force. Economic growth is slowing, and Britain may experience
a short recession in 1999. As a result, unemployment probably
will begin to rise again. The BLAIR government has put off the
question of participation in the euro system until after the next
election, not expected until 2001, but Chancellor of the Exchequer
BROWN is committed to preparing the British economy for eventual
membership. |
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GDP:
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purchasing
power parity?$1.252 trillion (1998 est.) |
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GDP
- Real Growth Rate:
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2.6% (1998 est.) |
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GDP
- Per Capita:
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purchasing
power parity?$21,200 (1998 est.) |
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GDP
- Composition by Sector:
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agriculture:
1.5%
industry: 31.5%
services: 67% (1997) |
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Population
Below Poverty Level:
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17%
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Household
Income or Consumption by Percentage Share:
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lowest
10%: 2.4%
highest 10%: 24.7% (1986) |
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Inflation
Rate :
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2.7%
(1998) |
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Labor
Force :
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28.8
million (1998) |
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Labor
Force - by Occupation:
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services
68.9%, manufacturing and construction 17.5%, government 11.3%,
energy 1.2%, agriculture 1.1% (1996)
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Unemployment
Rate:
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7.5% (1998 est.) |
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Budget:
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revenues:
$487.7 billion
expenditures: $492.6 billion, including capital expenditures
of $23.1 billion (1997 est.) |
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Industries:
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production
machinery including machine tools, electric power equipment, automation
equipment, railroad equipment, shipbuilding, aircraft, motor vehicles
and parts, electronics and communications equipment, metals, chemicals,
coal, petroleum, paper and paper products, food processing, textiles,
clothing, and other consumer goods |
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Industrial
Production Growth Rate:
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0.5%
(1998 est.) |
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Electricity
- Production:
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309.672
billion kWh (1996) |
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Electricity
- Production by Source:
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fossil
fuel: 72.28%
hydro: 1.28%
nuclear: 26.33%
other: 0.11% (1996) |
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Electricity
- Consumption:
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326.322
billion kWh (1996) |
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Electricity
- Exports:
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0
kWh (1996) |
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Electricity
- Imports:
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16.65
billion kWh (1996) |
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Agriculture
- Products:
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cereals,
oilseed, potatoes, vegetables; cattle, sheep, poultry; fish |
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Exports:
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$271
billion (f.o.b., 1998) |
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Exports
- Commodities:
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manufactured
goods, fuels, chemicals; food, beverages, tobacco |
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Exports
- Partners:
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EU
countries 56% (Germany 12%, France 10%, Netherlands 8%), US 12%
(1997) |
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Imports:
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$304
billion (f.o.b., 1998) |
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Imports
-Commodities:
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manufactured goods, machinery, fuels, foodstuffs |
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Imports
- Partners:
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EU countries 53% (Germany 14%, France 10%, Netherlands 7%, Ireland
5%), US 13% (1997) |
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Debt
- External:
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NA |
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Economic
Aid - Recipient:
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ODA,
$3.4 billion (1996) |
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Currency:
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1
British pound (£) = 100 pence |
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Exchange
Rates :
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British
pounds (£) per US$1?0.6057 (January 1999), 0.6037 (1998), 0.6106
(1997), 0.6403 (1996), 0.6335 (1995), 0.6529 (1994) |
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Fiscal
Year :
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1 April?31 March |
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