Economics of the UK

• The United Kingdom (UK) includes England, Scotland, Wales, and Northern Ireland.
• The UK operates under a free market economy, giving buyers and sellers significant decision-making power without restrictive government policies.
• The UK economy ranks as the fifth largest globally, based on nominal gross domestic product (GDP).
• The UK was the second-largest economy in the European Union but has voted to leave.

Economic Data (2015)

• Nominal GDP: $2.849 trillion.
• GDP per capita: $43,770.
• Workforce: 31.75 million.
• Employment rate: 74.5%.
• 79.7% of employed individuals work in the services industry.
• 18.8% of employed individuals work in industry.
• 1.5% of employed individuals work in agriculture.
• The UK's economy is considered a highly developed social market economy.
• It is the sixth-largest national economy by nominal GDP.
• The ninth-largest by purchasing power parity (PPP).
• Ranked twenty-first by nominal GDP per capita.
• It accounts for 3.1% of nominal world GDP.
• It accounts for 2.3% of world GDP by PPP.
• The UK is among the most globalized economies, including England, Scotland, Wales, and Northern Ireland.
• In 2022, the UK was the fourth-largest exporter and importer worldwide.
• It had the fourth-largest outward foreign direct investment.
• It saw the thirteenth-largest inward foreign direct investment.
• Also in 2022, trade with the European Union made up 42% of the UK's exports.
• Also in 2022, trade with the European Union made up 48% of the UK's imports.
• The aerospace industry in the UK is the second-largest nationally.
• The pharmaceutical industry is tenth-largest worldwide.
• 18 of the world's 500 largest companies are headquartered in the UK.
• North Sea oil and gas production boosts the UK's economy.

Sports

• Sports are very popular in the UK.
• Key venues for sporting events are Wembley Stadium in London and the Millennium Stadium in Cardiff.
• Local governments and private companies provide sports facilities like swimming pools, tennis courts, football pitches and gymnasiums.
• Cricket, football, lawn tennis, golf, and rugby all originated in Britain.
• The UK has hosted the Olympic Games three times: 1908, 1948, and 2012.
• The main Olympic site for 2012 was in Stratford, East London.
• The British team finished third in the medal table during the 2012 Olympic Games.
• The Paralympic Games for 2012 also took place in London, originating from the work of Dr Sir Ludwig Guttman at the Stoke Mandeville hospital in Buckinghamshire, treating spinal injuries through exercise and sport.
• Football is the most popular sport in the UK and the first professional football clubs were formed in the late 19th century.
• Each country in the UK has its own national team in tournaments such as the FIFA World Cup and the UEFA European Football Championships.
• England's only international tournament victory was at the World Cup of 1966, held in the UK.

Tennis

• Modern tennis evolved in England during the late 19th century.
• The first tennis club was in Leamington Spa in 1872.
• The Wimbledon Championships take place at the All England Lawn Tennis and Croquet Club.
• It is the oldest tennis tournament and the only "Grand Slam" event played on grass.

Mass Media

• The UK has diverse mass media: television, radio, newspapers, magazines, and websites.
• The UK is known for its large music and broadcasting industry, including film, video games, and book publishing.
• The British Broadcasting Corporation (BBC) is a publicly owned and funded provider.
• The Guardian, a British daily newspaper, was founded in Manchester in 1821 and renamed in 1959.