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Economy of United Kingdom

United Kingdom is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, United Kingdom is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, United Kingdom exports around $813.2 billion and imports roughly $782.5 billion. 4.4% of population in the country are unemployed. The total number of unemployed people in United Kingdom is 2,929,234. In United Kingdom, 16.2% of the population lives below the poverty line. The percentage of citizens living below the poverty line in United Kingdom is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.5% of GDP. The Gini Index of the country is 32.4. United Kingdom is experiencing good equality. The majority of citizens in United Kingdom fall within a narrow range of income, although some cases may show significant differences. United Kingdom has a Human Development Index (HDI) of 0.892. United Kingdom has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for United Kingdom is 1.685. Due to strong law enforcement presence and high social responsibility, United Kingdom is very safe by international standards. The strength of legal rights index for United Kingdom is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of United Kingdom is British pound. The British pound is the official currency of the United Kingdom and several other small territories including the Isle of Man, Jersey, and Guernsey. The British pound is the oldest continuous currency in use in the world and is currently the 4th-most traded currency. The British pound is a stable currency that can be relied upon for investment opportunities. The plural form of the word British pound is pounds. The symbol used for this currency is £, and it is abbreviated as GBP. The British pound is divided into Penny; there are 100 in one pound.

Credit rating

The depth of credit information index for United Kingdom is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, United Kingdom has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, United Kingdom has a credit rating score of AA+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, United Kingdom has a credit rating score of Aa1, and the prospects of this rating are stable.

Central bank

In United Kingdom, the institution that manages the state's currency, money supply, and interest rates is called Bank of England. The average deposit interest rate offered by local banks in United Kingdom is 4%.

Public debt

United Kingdom has a government debt of 90% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in United Kingdom is set at 19%. Personal income tax ranges from 20% to 45%, depending on your specific situation and income level. VAT in United Kingdom is 20%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in United Kingdom is $2569218 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in United Kingdom was last recorded at $39 million. PPP in United Kingdom is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in United Kingdom is 2,678,455 billion. Based on this statistic, United Kingdom is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in United Kingdom. The Gross Domestic Product (GDP) per capita in United Kingdom was last recorded at $40 million. The average citizen in United Kingdom has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in United Kingdom averaged 3.2% in 2014. According to this percentage, United Kingdom is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of United Kingdom.

Industry

Major industries in the country are machine tools, electric power equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, textiles, clothing, other consumer goods. The total labor force of United Kingdom is 33,769,000 people, wherein 4.4% of population in the country are unemployed. The total number of unemployed people in United Kingdom is 2,929,234. The Industrial Production growth rate of United Kingdom is 1.9%.To read more about industrial information within United Kingdom click on industry of United Kingdom.

Agriculture

There are 56121 km2 of arable land in United Kingdom, and it comprises 23% of the country's total territory. There are 56604 km2 of cultivated land in United Kingdom. The country's major agricultural crops and products are cereals, oilseed, potatoes, vegetables, cattle, sheep, poultry, fish.To read more about agriculture click on agriculture of United Kingdom.