The United Kingdom is the sixth largest economy in the world by both nominal GDP and purchasing power parity (PPP). It is the third largest economy in Europe after Germany’s and France’s in nominal terms and the second largest after Germany’s in terms of purchasing power parity. Its PPP per capita is ranked the 19th in the world and nominally ranked 22nd.

The United Kingdom is one of the world’s most globalize countries. The capital, London is a major financial centre for international business and commerce. The British economy is substantially boosted by North Sea oil and gas reserves, worth an estimated £246.2 Billion in 2007.

The British economy is made up of the economies of England, Scotland, Wales and Northern Ireland. In 1973, the UK acceded to the European Economic Community which is now known as the European Union after the ratification of the Treaty of Maastricht in 1993. The UK entered its worst recession since World War 2 in 2008.

Export goods manufactured goods, fuels, chemicals; food, beverages, tobacco

Main export partners: United States 13.8%, Germany 11.5%, Netherlands 7.8%, France 7.6%, Ireland 7.5%, and Belgium 5.3%, Spain4.1% (2008)

Imports: $473.6 billion (2009 est)

Import goods manufactured goods, machinery, fuels; foodstuffs

Main import partners: Germany 13%, United States 8.7%, China 7.5%, Netherlands 7.4%, France6.8%, Norway 6%, Belgium 4.7%, Italy4.1% (2008)

GDP (purchasing power parity): $2.165 trillion

Industries: Agriculture, hunting, forestry, and fishing

The consensus for 2010 has now shifted to flat to negative growth, with the Economist forecasting 1.1 per cent drop in GDP.

Forecasters are further projecting a rise in unemployment to 2.5m – 3m workers, or 8-10 per cent of the labor force, and stabilization of housing market only some time in the second half of the year.