Indicators of economy in the United Kingdom

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in the United Kingdom 2020. Overall, gross domestic product in 2020 fell from 2.857 trillion US dollars to 2.705 trillion US dollars. With a drop of 5.3 percent, the economy in the United Kingdom suffered more significant losses than other countries. The unemployment rate rose from 3.7 to 4.5 percent. The country's gross debt increased by 13.3 percent. The inflation rate fell from 1.7 percent previously to 1.0 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 3.131 trillion US dollars (=109.6% of 2019).

Income and purchasing power

The average monthly income in the United Kingdom is 3,707 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 4.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in the United Kingdom than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 34.4 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, the United Kingdom ranked 4th in 2022 with 59.7 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 64 originate from the United Kingdom. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 16: Shell (London)
Rank 38: HSBC Holdings (London)
Rank 50: BP (London)
Rank 82: Rio Tinto (London)
Rank 95: Lloyds Banking Group (London)
Rank 101: British American Tobacco (London)
Rank 125: Unilever (London)
Rank 129: GlaxoSmithKline (London)
Rank 155: Barclays (London)
Rank 181: Anglo American (London)

Development of gross domestic product in billions of USD 1960 - 2021

Household debt and deficits 2021

Imports and Exports 2021

Development of imports and exports in billions of USD 1970 - 2021