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    United Kingdom Index 2006

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    United Kingdom Economy - 2006
    https://theodora.com/wfbcurrent/united_kingdom/united_kingdom_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      The UK, a leading trading power and financial center, is one of the quintet of trillion dollar economies of 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 less than 2% 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. GDP growth slipped in 2001-03 as the global downturn, the high value of the pound, and the bursting of the "new economy" bubble hurt manufacturing and exports. Output recovered in 2004, to 3.2% growth, but fell in 2005, to 1.7%. Despite slower growth, the economy is one of the strongest in Europe; inflation, interest rates, and unemployment remain low. The relatively good economic performance has complicated the BLAIR government's efforts to make a case for Britain to join the European Economic and Monetary Union (EMU). Critics point out that the economy is doing well outside of EMU, and public opinion polls show a majority of Britons are opposed to the euro. Meantime, the government has been speeding up the improvement of education, transport, and health services, at a cost in higher taxes and a widening public deficit.

      GDP (purchasing power parity):
      $1.869 trillion (2005 est.)

      GDP (official exchange rate):
      $2.218 trillion (2005 est.)

      GDP - real growth rate:
      1.7% (2005 est.)

      GDP - per capita (PPP):
      $30,900 (2005 est.)

      GDP - composition by sector:
      agriculture: 1.1%
      industry: 26%
      services: 72.9% (2005 est.)

      Labor force:
      30.07 million (2005 est.)

      Labor force - by occupation:
      agriculture: 1.5%
      industry: 19.1%
      services: 79.4% (2004)

      Unemployment rate:
      4.7% (2005 est.)

      Population below poverty line:
      17% (2002 est.)

      Household income or consumption by percentage share:
      lowest 10%: 2.1%
      highest 10%: 28.5% (1999)

      Distribution of family income - Gini index:
      36.8 (1999)

      Inflation rate (consumer prices):
      2.2% (2005 est.)

      Investment (gross fixed):
      16.3% of GDP (2005 est.)

      Budget:
      revenues: $881.4 billion
      expenditures: $951 billion; including capital expenditures of $NA (2005 est.)

      Public debt:
      42.2% of GDP (2005 est.)

      Agriculture - products:
      cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish

      Industries:
      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, other consumer goods

      Industrial production growth rate:
      -0.9% (2005 est.)

      Electricity - production:
      369.9 billion kWh (2003)

      Electricity - consumption:
      346.1 billion kWh (2003)

      Electricity - exports:
      3 billion kWh (2003)

      Electricity - imports:
      5.1 billion kWh (2003)

      Oil - production:
      2.393 million bbl/day (2003 est.)

      Oil - consumption:
      1.722 million bbl/day (2003 est.)

      Oil - exports:
      1.498 million bbl/day (2001)

      Oil - imports:
      1.084 million bbl/day (2003)

      Oil - proved reserves:
      4.5 billion bbl (31 December 2004)

      Natural gas - production:
      102.8 billion cu m (2003 est.)

      Natural gas - consumption:
      95.15 billion cu m (2003 est.)

      Natural gas - exports:
      15.75 billion cu m (2001 est.)

      Natural gas - imports:
      2.7 billion cu m (2001 est.)

      Natural gas - proved reserves:
      628.6 billion cu m (31 December 2004)

      Current account balance:
      -$38.4 billion (2005 est.)

      Exports:
      $372.7 billion f.o.b. (2005 est.)

      Exports - commodities:
      manufactured goods, fuels, chemicals; food, beverages, tobacco

      Exports - partners:
      US 15.3%, Germany 10.8%, France 9.2%, Ireland 6.8%, Netherlands 6%, Belgium 5.1%, Spain 4.5%, Italy 4.2% (2004)

      Imports:
      $483.7 billion f.o.b. (2005 est.)

      Imports - commodities:
      manufactured goods, machinery, fuels; foodstuffs

      Imports - partners:
      Germany 13%, US 9.3%, France 7.4%, Netherlands 6.6%, Belgium 4.9%, China 4.3%, Italy 4.3% (2004)

      Reserves of foreign exchange and gold:
      $48.73 billion (2004)

      Debt - external:
      $7.107 trillion (30 June 2005)

      Economic aid - donor:
      ODA, $7.9 billion (2004)

      Currency (code):
      British pound (GBP)

      Exchange rates:
      British pounds per US dollar - 0.55 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001)

      Fiscal year:
      6 April - 5 April


      NOTE: The information regarding United Kingdom on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Kingdom Economy 2006 information contained here. All suggestions for corrections of any errors about United Kingdom Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/united_kingdom/united_kingdom_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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