United Kingdom is an island country spanning an archipelago including Great Britain, located in Western Europe comprising England, Scotland, Wales, and Northern Ireland. United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, and the Irish Sea. It lies near vital North Atlantic sea lanes and is only 35 km from France and linked by tunnel under the English Channel. The geography is mostly rugged hills and low mountains. The government system is constitutional monarchy and a Commonwealth realm; the chief of state is the queen, and the head of government is the prime minister. United Kingdom has an advanced open marketA market which operates without restrictions, in which anyon...<market economyA situation in which businesses operate in a free market, i.... in which the prices of goods and services are determined in a free priceThe amount of money required to purchase something or to bri... system. United Kingdom is a member of the European UnionEU. Previously called the European Community. An internation... (EU).
In stark contrast to the early 2000s, the UK had one of the least productive workforces among the Group of Seven (G7), Ireland, Spain, Belgium, and the Netherlands in 2014. Of these countries, only Japan had lower economic output per hour worked. Output in the UK was 18% below the average for the rest of the G7. The Office for BudgetAllocation of funds or the estimation of costs for a departm... Responsibility forecast in 2014 that individuals would have to borrow £360 billion (net, and excluding mortgages) over the next five years if the economyThe management of money, currency and trade of a nation. The... was to grow at the rate expected by the Government, taking unsecured debtMoney owed to another person or organisation, such as a loan... as a proportion of household income to a record high of 55% by 2020. Unsecured household debtMoney owed to another person or organisation, such as a loan... rose by 24% between 2011 and 2015, adding to widespread questions over the sustainability of the economic recovery. The Bank of England insisted there was no cause for alarm, despite having said two years earlier that the economic recovery was “neither balanced nor sustainable”. Between 2009 and 2015, the UK’s current accountA bank account which can be used to make deposits, withdrawa... deficit rose from 3% to a record high of 5.2% of GDP (£96.2bn), the highest by GDP in the developed world.
In 2012, weak consumerAn individual who uses goods and services but who may not ha... spending and subdued business investmentMoney or capital that is invested in a business or in an acc... weighed on the economyThe management of money, currency and trade of a nation. The..., however, GDP grew 1.7% in 2013 and 2.8% in 2014, accelerating because of greater consumerAn individual who uses goods and services but who may not ha... spending and a recovering housing marketThe commercial activity of buying and selling goods and serv.... As of late 2015, the Bank of England is examining when to begin raising interest rates from historically low levels while being cautious not to damage economic growthAn increase in a region's or nation's production of goods an.... While the UK is one of the fastest growing economies in the G7, economists are concerned about the potential negative impact if the UK votes to leave the EU. The UK has an extensive tradeThe buying and selling or exchange of goods and services. Th... relationship with other EU members through its access to the single marketThe commercial activity of buying and selling goods and serv... and economic observers have warned an exit could jeopardize its position as the central location for European financial services.
Important Details
- Country ISO3 : GBR
- Country Code : 826
- Income Group : High income
- Lending Category : NA
- Region : Europe & Central Asia
- Currency Unit: Pound sterlingThe basic monetary unit of the UK, e.g. the pound.
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : European UnionEU. Previously called the European Community. An internation... (preparing to exit), OECD, AIIB and World TradeThe buying and selling or exchange of goods and services. Th... Organization
- world rank : 10
- Regional Ranking : 4th in Europe
