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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 ...
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 UK's R rate falls to between 0.7 and 0.9, its lowest level since July 2020. [71] The number of people who have been infected by the virus since the start of the pandemic exceeds four million. [69] The ONS reports that the UK economy shrank by 9.9% during 2020, its largest annual contraction since the Great Frost of 1709. [72] [73]
Note that 2021 was an exceptional year because of the fall in GDP in 2020 which averaged 11.0% across the country. The recovery in 2021 was therefore a partial ...
There are many natural economic reasons for GDP-per-capita to vary between jurisdictions (e.g. places rich in oil and gas tend to have high GDP-per-capita figures). However, it is increasingly being recognized that tax havens , or corporate tax havens , have distorted economic data which produces artificially high, or inflated, GDP-per-capita ...
In October 2021, the UK government's Office of Budget Responsibility calculated that Brexit would cost 4% of GDP per annum over the long term. [51] 4% of 2021 UK GDP is the equivalent of a £32 billion cost per annum to the UK taxpayer. [52] After rebates, the UK's EU membership fee in 2018 was £13.2 billion. [53]
GDP: £2,650 billion: Website: ... In financial year 2021–22, spending per head in England was £15.2k, whereas in Scotland it was £17.7k, in Wales it was £16.9k ...
About 38% of the United Kingdom population has a university or college degree, which is the highest percentage in Europe, and among the highest percentage in the world. [415] The United Kingdom is home to many universities, including the University of Oxford and University of Cambridge which often achieve first place on global rankings. [416] [417]