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The economy of the United Kingdom is a highly developed social market economy. [25] [26] [27] It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and twentieth by nominal GDP per capita, constituting 3.1% of nominal world GDP. [28]
The sector added gross value of £151,785 million to the UK economy in 2011. [137] As of 2016, high-street retail spending accounted for about 33% of consumer spending and 20% of GDP. Because 75% of goods bought in the United Kingdom are made overseas, the sector only accounts for 5.7% of gross value added to the British economy. [138]
Thereafter the United Kingdom's relative economic performance improved substantially to the extent that, just before the Great Recession, British income per capita exceeded, albeit marginally, that of France and Germany; furthermore, there was a significant reduction in the gap in income per capita terms between the UK and USA. [7]
The UK produces one of the quickest estimates of GDP of the major economies, about 40 days after the quarter in question. At that stage, only about 60% of the data is available, so the figure is ...
The UK economy posted another quarter of growth between April and June on the back of a stronger services sector, according to official figures. The Office for National Statistics (ONS) revealed ...
The UK economy recovered from the Covid-19 pandemic much faster than previously thought, according to major revisions of official statistics that have erased Britain’s laggard status overnight.
Japan–United Kingdom Comprehensive Economic Partnership Agreement; United Kingdom and the International Monetary Fund; United Kingdom National Accounts – The Blue Book; United Kingdom Standard Industrial Classification of Economic Activities; United Kingdom–Crown Dependencies Customs Union; United Kingdom–Vietnam Free Trade Agreement
The UK economy shrunk again in October, according to official figures, highlighting the scale of the challenge facing Rachel Reeves in her mission to ensure the UK has the fastest growth in the G7 ...