Economy of United Kingdom

The economy of United Kingdom comes under the group of High Income OECD countries according to the classification of economies by income and region, FY 2005 made by the World Bank. UK is considered as the fourth largest economy in the world, with Gross National income of $ 1680.6 billions (2003). In terms of purchasing power parity, Per capita GNI in 2003 was US $ 27,460. Average annual growth rate of GDP was 2.2 % during 2003.

Among the various sectors of the economy, the share of manufacturing in the UK economy has declined relative to the services sector. The service sector accounts for two-thirds of GDP, while manufacturing represents less than 20% of national output. Presently it is the world's leading trading power and financial centre. The financial and business services sector as a whole accounts for over 70% of GDP.