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Economy of UK

The United Kingdom or generally termed as United Kingdom (UK) or Britain, is a sovereign state situated off the north-western coast of continental Europe. The nation comprises the island of Great Britain (a term at times also loosely refer to the entire state), the north-eastern part of the island of Ireland, and many lesser isles. London is the capital and largest city of the nation. The estimated GDP of Britain in terms of purchasing power parity (PPP) is $2.387 trillion as of 2013, which is the ninth largest when compared to the rest of the nations. Without any kinds of uncertainties, United Kingdom is one of the best countries to live in. It has a moderately controlled market economy that is totally based on market exchange rates. United Kingdom has the third largest economy in the Europe; the countries that are above UK in terms of economy are Germany and France. The Bank of England is the central bank that issues all notes and coins in the country’s currency, which is the pound sterling. The major industries of UK include food processing, petroleum, paper products, textiles, communications, automation equipment and machine tools. The duration of fiscal year of UK is from to 6th April to 5th April.

Imports of United Kingdom

United Kingdom is the fifth largest importing country of the world. The estimated import value of UK is $782.5 billion as of 2013. The major import commodities of the country include manufactured goods, machinery, fuels and foodstuffs. UK imports a high percentage of merchandise from Germany and China while the other notable import partners of country include Netherlands, United States of America, France, Belgium and Norway.

Exports of United Kingdom

The estimated export value of UK is $813.2 billion as per the calculation of 2013, which is the fifth largest when compared to the rest of the nations. The major export commodities of the country include manufactured goods, fuels, chemicals, food, beverages and tobacco. Germany, United States of America, Netherlands, France, Ireland and Belgium are the major export partners of United Kingdom.

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Dialing Code
Pound Sterling (GBP)
$495.4 billion (2011 est.) | Manufactured Goods, Fuels, Chemicals; Food, Beverages, Tobacco
$654.9 billion (2011 est.) | Manufactured Goods, Machinery, Fuels; Foodstuffs
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.