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The United Kingdom constituted 2.17% of world GDP by purchasing power parity (PPP) in 2024 estimates. [29] The United Kingdom has one of the most globalised economies [30] and comprises England, Scotland, Wales and Northern Ireland. [31] In 2022, the United Kingdom was the fifth-largest exporter [32] in the world and the fourth-largest importer ...
How the health of the UK economy is measured, and why the GDP calculation matters. ... expected the UK to grow by 1.1% in 2024. The IMF and UK government have disagreed over previous predictions ...
Between the fourth quarter of 2023 and the first quarter of 2024 GDP in the UK rose by 0.6%. That was faster than 0.4% recorded in the US, 0.2% in Germany and 0.2% in France.
GDP: £2,650 billion: Website: ... Government spending in the United Kingdom, ... 2024–25 Public sector gross investment 98 95 126 104 113 134
The estimated nominal GDP of the UK for 2024 is £2.765 trillion. [267] This value is 23% higher than the 2019 figure of £2.255 trillion [268] before leaving the EU (at similar US and EU exchange rates to 2019). [269] [u] Inflation in the UK rose by 2% in the year to May 2024 which was the government's target. [271] [272]
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
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]
The GDP per capita showed similar variations with London having a GDP per head of £56,000 compared with the North East of England at £23,000 in 2024. [3] Different regions also see different rates of unemployment; in early 2024, the average UK unemployment rate was 4.3%, ranging from the East Midlands at 5.6% to Northern Ireland at 2.1%. [3]