UK stands at fifth position in the list of countries by GDP in the world in 2016. It has total nominal GDP of $2,760.960 billion.
Its GDP by purchasing power parity is $2,756.750 billion and it has 9th rank in GDP by purchasing power parity.GDP per capita in the United Kingdom is $44,249 making it the 16th richest country in the world. Economy of United Kingdom is growing at the rate of 0.40% & the unemployment rate is at 5.10%.
The inflation rate is 0.30% and the interest rate is .50%. Population of the United Kingdom is 64.88 million. Total employed people here are 30395.00 thousands. The employment rate here is 74.20%.
Total exports of the United Kingdom is at $61684.33 million. Its main export partners are Germany, United States, and Netherlands. UK exported machines, engines, pumps worth US$ 63.9 billion constituting 13.9% of total exports. Next comes in export list gems, precious metals worth $53 billion (11.5% of total exports).
While the import of the United Kingdom is $67229.34 million. Its main import partners are Germany, China, and Netherlands. UK imported $83.4 billion worth of Machinery in 2015 which constituted 13.3% of its total imports. Vehicles imports stood at $76.8 billion which were 12.3% of total imports.
The services sector is the biggest contributor to the economy of the United Kingdom constituting 78% of GDP. Its services industry is dominated by financial services industry with London being the largest financial centre. Agriculture constitutes 0.6% of the economy. Agriculture employs less than 1.6% of the labor force, still it can produce 60% of the food needs. The use of technologies make it highly efficient.
Gross National Product of the United Kingdom is $660263.70 million. Foreign Exchange Reserves of the country is at $ 144976.46 million. Its gold reserves are 310.29 tones. The corporate tax rate is 20%. Personal income tax rate is at 20% while the sales tax rate is 20%.