The Finance industry and Energy & Power made up most of the value from 2000 until 2018 (both about 15%). [88][89], In August 2008 the IMF warned that the country's outlook had worsened due to a twin shock: financial turmoil and rising commodity prices. Iceland has 2.4%, online only supermarket Ocado has 1.6%. The economy of the United Kingdom is a highly developed social market and market-orientated economy. [55] The Second Industrial Revolution was also taking place rapidly in the United States and the German Empire; this presented an increasing economic challenge for the UK. [119] Economic growth had been weak before the crisis, with 0% growth in Q4 2019. The real estate and renting activities sector includes the letting of dwellings and other related business support activities. The sterling has depreciated and increased costs. [155] In 2005 it had proven recoverable coal reserves of 171 million tons. This feature is limited to our corporate solutions. According to OEC World 2017 data, the EU-27-2020 could become/stay one of the notable partners of the UK, with exports from the UK reaching near $200B, close from the United States ($45B, and China $21B). Download this chart Figure 2: UK healthcare expenditure as a share of gross domestic product was the second-lowest of the G7 countries Image .csv .xls Since 2013, the point at which internationally comparable data are first available for the UK, the percentage of GDP spent on healthcare has fallen slightly, from 9.8% in 2013 to 9.6% in 2017. The UK recorded weaker growth than many other European nations in the 1970s; even after the recession, the economy was blighted by rising unemployment and double-digit inflation, which exceeded 20% more than once and was rarely below 10% after 1973. It also shows the extent to which the pound tracks the euro or the dollar. It is also Europe's biggest construction project with a £15 billion projected cost.[133][134]. [190] London is the second most visited city in the world with 17.4 million visitors in 2014, behind first-placed Hong Kong (27.8 million visitors). Despite two recessions, wages grew consistently by around 2% per year in real terms from 1980 until 1997, and continued to grow until 2008.[79]. Poverty is countered in United Kingdom with the welfare state. The higher the value of GDP, the bigger the economy. As of 2019[update], there are 32 TOCs. [43] Edinburgh is ranked 17th in the world, and 6th in Europe for its financial services industry in 2020[44]. [75] The subsequent economic recovery was extremely strong, and unlike after the early 1980s recession, the recovery saw a rapid and substantial fall in unemployment, which was down to 7.2% by 1997,[75] although the popularity of the Conservative government had failed to improve with the economic upturn. [234] Eurostat figures show that the numbers of Britons at risk of poverty has fallen to 15.9% in 2014, down from 17.1% in 2010 and 19% in 2005 (after social transfers were taken into account). Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. [106] The UK relied on foreign investors to plug the shortfall in its balance of payments. [109][110][111] The BoE insisted there was no cause for alarm,[112] despite having said two years earlier that the recovery was "neither balanced nor sustainable". [45] Its pharmaceutical industry, the tenth-largest in the world,[46] plays an important role in the economy. [65] Post-war, the United Kingdom enjoyed a long period without a major recession; there was a rapid growth in prosperity in the 1950s and 1960s, with unemployment staying low and not exceeding 3.5% until the early 1970s. Leeds is the UK's largest centre for business and financial services outside London,[175][176][177] and the largest centre for legal services in the UK after London. 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. [198], Highways England is the government-owned company responsible for trunk roads and motorways in England apart from the privately owned and operated M6 Toll. The City houses the London Stock Exchange, the London International Financial Futures and Options Exchange, the London Metal Exchange, Lloyds of London, and the Bank of England. [105] In Q4 2015, it exceeded 7%, a level not witnessed during peacetime since records began in 1772. [50], In the 18th century the UK was the first country to industrialise,[51][52][53] and during the 19th century it had a dominant role in the global economy,[54] accounting for 9.1% of the world's GDP in 1870. However, it was recognised that government borrowing, which rose from 52% to 76% of GDP, helped to avoid a 1930s-style depression. The international arm of Hilton Hotels, the world's fifth largest hotelier, used to be owned by Ladbrokes Plc, and was headquartered in Watford, Hertfordshire from 1987 to 2005. Values are shown in euros in the original source. The Great Recession, as it came to be known, saw unemployment rise from just over 1.6 million in January 2008 to nearly 2.5 million by October 2009. [citation needed]. 1999 however, was the year with the highest cumulated value of deals (490. bil GBP, which is about 50% more than the current peak of 2017). [84] Four days after the election, Gordon Brown, the new Chancellor of the Exchequer, gave the Bank of England the freedom to control monetary policy, which until then had been directed by the government. In spite of this, Thatcher was re-elected in June 1983 with a landslide majority. With over 32.6 million tourists arriving in 2014, the United Kingdom is ranked as the eighth major tourist destination in the world. Of the world's 500 largest companies, 26 are headquartered in the UK. In the 21st century the UK retains the ability to project power and influence around the world.[56][57][58][59][60]. Government involvement in the economy is primarily exercised by HM Treasury, headed by the Chancellor of the Exchequer. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. [236] In the same year, 4.0 million children, 31% of the total, lived in households below the poverty line, after housing costs were taken into account. [85] At the same time, household debt rose from £420 billion in 1994 to £1 trillion in 2004 and £1.46 trillion in 2008 – more than the entire GDP of the UK. [47] The economy is boosted by North Sea oil and gas production; its reserves were estimated at 2.8 billion barrels in 2016,[48] although it has been a net importer of oil since 2005. You only have access to basic statistics. [124][125] In terms of net government debt as a percentage of GDP, at the end of June 2014 public sector net debt excluding financial sector interventions was £1304.6 billion, equivalent to 77.3% of GDP.

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