United Kingdom’s economic growth is expected to increase slightly in 2019 before slowing in 2020, on the assumption that there is a smooth exit from the European Union i.e. Brexit. Due to lack of clarity about future trading arrangements some Brexit-related uncertainties still remain. United Kingdom’s inflation is expected to touch to 2% by the end of 2020.
In World Bank’s ease of doing business ranking United Kingdom was ranked 9 out of 190 countries in 2018. United Kingdom’s ease of doing business ranking slipped from 7th position in 2017.
United Kingdom (UK), officially the United Kingdom of Great Britain and Northern Ireland, is a sovereign state located off the north-western coast of continental Europe. The country includes the island of Great Britain, which is a term sometimes also loosely applied to the whole state, the north-eastern part of the island of Ireland, and many smaller islands. Northern Ireland is the only part of the UK that shares a land border with another state, that is the Republic of Ireland.
United Kingdom (UK) had estimated population of 65.572 million in the year 2016 and expected to reach 68.203 million by 2022. UK’s around 31.741 million was employed in 2016 and the unemployment rate was 4.9% of total labor force.
U.K’s real gross domestic product (GDP) was around GBP 1865.41 billions in 2016 whereas the nominal GDP was GBP 1939.64 billions. This resulted in GDP deflator 103.979. Per capita GDP was estimated at USD 40095.95 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 42480.72.
The output gap for UK in 2016 was negative at 0.173% of the potential GDP. In 2016, UK government’s revenue was GBP 703.888 billions whereas the expenditure was GBP 764.289 billions. This resulted UK government’s net lending / borrowing negative at GBP 60.401 billion in 2016 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for UK was estimated to be negative at USD 114.546 billions for the year 2016 and is expected to decline at a CAGR of 9.41% and reach USD 61.418 by 2022. This negative current account balance indicates the UK is a net borrower from the whole world.
Scope of United Kingdom – PESTLE Analysis and Macroeconomic Trends Report
– This report provides information about key macroeconomic indicators for United Kingdom.
– This report provides PESTLE (political, economic, social, technological, legal and environmental) analysis for United Kingdom.
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