United Kingdom

The United Kingdom of Great Britain and Northern Ireland is a parliamentary constitutional monarchy, located in Western Europe. The monarch is officially the head of state, but executive power is exercised by the prime-minister who appoints the cabinet. Legislative powers are vested in Parliament that has an elected House of Commons (the lower house, 650 seats) and a non-elected House of Lords (the upper house, non-fixed membership of about 800). UK’s economy is ranked 10th largest in the world (by GDP PPP) and is 40th by GDP per capita. In a referendum in June 2016 the UK electorate voted to leave the European Union, a key trading partner. What became known as “the Brexit” created lots of uncertainty about future economic health of the country. The economy is highly integrated with the European Union, which buys 47% of British goods and accounts for 52% of total imports. Overall, around 67% of UK's merchandise exports are directed to just three markets (European Union, United States and Switzerland). Total external trade volume is 29% of GDP. The central bank, the Bank of England (BoE), pursues an inflation-targeting approach to monetary policy and maintains a free floating exchange rate regime. UK’s economic weaknesses include: uncertainty surrounding Brexit, high current-account deficit and low productivity growth.   

Names and Codes
Country Name United Kingdom
Country code GBR
Currency Name Pound sterling
Currency Code GBP
Currency Symbol £
Subunit £1 = 100 pence
Key Pair GBP/USD
Forex Quote indirect
Central Bank Name Bank of England
Central Bank Abb. BoE
Economy and Trade
GDP (USD billion, 2017) 2636
GDP per capita (USD, PPP, 2017) 43310
Real GDP growth (2013-17) 2.2
Inflation (2013-17) 1.5
FDI inflows (% GDP, 2013-17) 3.6
Current account balance (% GDP, 2013-17) -4.8
Trade (% GDP, 2014-16) 28.6
Share in world total exports (%, 2016) 2.57
Monetary Policy and Currency
Exchange rate regime Free floating
Monetary policy Inflation targeting
Price stability 2.00%
Real Interest Rate -2.60
Currency - global turnover (USD billion, 2016) 649
Currency - global share (%, 2016) 12.80
Key Pair - global turnover (USD billion, 2016) 470
Key Pair - global share (%, 2016) 9.30
Ranking - Economy
GDP per capita (USD, PPP, 2017)
Real GDP growth (2013-17)
Current account balance (% GDP, 2013-17)
Trade (% GDP, 2014-16)
Ranking - Currency and Monetary Policy
Currency - global turnover (USD billion, 2016)
Key Pair - global turnover (USD billion, 2016)
Real Interest Rate
Inflation (2013-17)
International Trade
Main Export (%, 2015)
Main Import (%, 2015)