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GDP United Kingdom third quarter of 2021
GDP in United Kingdom grows 1.3%
Gross Domestic Product of United Kingdom grew 1.3% in the third quarter of 2021 compared to the previous quarter. This rate is 42 -tenths of one percent "} less than the figure of 5.5% published in the second quarter of 2021.
The year-on-year change in GDP was 6.6%, 170 -tenths of one percent less than the 23.6% recorded in the second quarter of 2021.
The GDP figure in the third quarter of 2021 was €685,280$581,337 million, leaving United Kingdom placed 4th in the ranking of quarterly GDP of the 53 countries that we publish.
United Kingdom has a quarterly GDP per capita, of €10,224$10,224, €1319 $1319 higher than the same quarter last year, it was .
If we order the countries according to their GDP per capita, United Kingdom is in 18th position of the 53 countries whose quarterly GDP we publish.
Here we show you the progression of the GDP in United Kingdom. You can see GDP in other countries in GDP and see all the economic information about United Kingdom in United Kingdom's economy.
Quarterly GDP at market prices 2021
Quaterly GDP Per Capita 2021
Evolution: Annual GDP United Kingdom
Evolution: GDP per capita United Kingdom
Evolution: GDP growth rate at constant prices United Kingdom
Evolution: GDP per capita United Kingdom
Economy of England
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The economy of England is the largest economy of the four countries of the United Kingdom.
England is a highly industrialised country. It is an important producer of textiles and chemical products. Although automobiles, locomotives, and aircraft are among England's other important industrial products, a significant proportion of the country's income comes from the City of London. Since the 1990s, the financial services sector has played an increasingly significant role in the English economy and the City of London is one of the world's largest financial centres. Banks, insurance companies, commodity and futures exchanges are heavily concentrated in the City. The British pound sterling is the official currency of England and the central bank of the United Kingdom, the Bank of England, is located in London.
The service sector of the economy as a whole is now the largest in England, with manufacturing and primary industries in decline. The only major secondary industry that is growing is the construction industry, fueled by economic growth provided mainly by the growing services, administrative and financial sector.
Gross Domestic Product (GDP) figures are estimated (using a variety of means) for independent nations, and used to measure and compare what is the account number for a tracfone (total) wealth between countries. Since England is not an independent state, but comprises one of the four major nations of the UK (along with Scotland, Wales, and Northern Ireland), there are fewer internationally-comparable figures available.
|Region||GDP (trillion $)||GDP (trillion €)||GDP (trillion £)|
|Total UK GDP:||2.8||2.3||2.1|
|England (including London):||2.4||2.0||1.8|
|England (excluding London):||1.7||1.5||1.4|
This would make the economy of England taken alone (£1.8tn / €2.0tn) approximately the world's 8th largest economy (just behind France, and ahead what is the gdp per capita in england Italy) as opposed to the 5th largest for the UK as a whole (between Germany (4th), and India, 6th) by the usual criteria. Scotland's economy, for comparison, would be roughly the size of Greece's (50th).
In medieval times (c. 11th–15th century), the wool trade was the major industry of England and the country exported wool to Europe. Many market towns and ports grew up on the industry. Starting in 1555 with John Lok, England entered into citi com login slave trade. John Hawkins is often considered to be the pioneer of the British slave trade, because he was the first to run the Triangular trade, making a profit at every stop. Poor infrastructure hampered the development of large scale industry. This changed when the canals and railways began to be built, in the late 18th century and early 19th century. England became the world's first industrialised nation, with the Industrial Revolution taking place in the late 18th century. This was also the age of British overseas expansion, where England relied upon colonies (such as India, America, Canada, or Australia) to bring in resources such as cotton and tobacco. English factories then processed goods and sold them on in both the quickly growing domestic market or abroad. Cities grew and large industrial centres were established, especially in the Midlands and North England.
Agriculture and fishing
Main article: Agriculture in the United Kingdom
Agriculture is intensive, highly mechanised, and efficient by European standards, producing about 60% of food needs with only 2% of the labour force. It contributes around 2% of GDP. Around two thirds of production is devoted to livestock, and one third to arable crops. Agriculture is subsidised by the European Union's Common Agricultural Policy.[needs update]
The main crops that are grown are wheat, barley, oats, potatoes, sugar beets.
The United Kingdom fishing industry contributed £446 million in 2019 in terms of Gross Value Added (GVA); this represents 0.02% of the UK's total GVA. Scotland accounted for 61% of this output. The largest English region was the South West, contributing 10% of overall output in the sector. Kingston upon Hull, Grimsby, Fleetwood, Great Yarmouth, and Lowestoft are among the coastal towns that have large fishing industries.
Main article: English finance
England's capital is London. The City of London is England's major financial district, and one of the world's leading financial centres. The city is what is the gdp per capita in england the London Stock Exchange, as well as many other exchanges, are based.
Service industries, particularly banking, insurance, and business services, account by far for the largest proportion of GDP and employ around 80% of the working population.
Leeds is England's second largest financial centre, with over 30 national and international banks based in the city. Over 124,000 people are employed in banking and financial services in Leeds, and over in the wider Leeds City Region.
Manchester is the largest financial and professional services sector outside London and is the mid tier private equity capital of Europe.
Manufacturing continues to decline in importance. In the 1960s and 1970s manufacturing was a significant part of England's economic output. However, a lot of the heavy manufacturing industry was government-run and had failed to respond to world markets. State industries were sold off and over the 20th century many closed as they were unable to compete; a situation largely reflected in other Math work for 1st grade industrialised countries. In June 2010, manufacturing in the United Kingdom accounted for 8.2% of the workforce and 12% of the country's national output. England remains a key player in the aerospace, defence, pharmaceutical and chemical industries, and British companies worldwide continue to have a role in the sector through foreign investment.
Main article: Tourism in England
Tourism accounted for £96 billion of GDP (8.6% of the economy) in 2009. It employs over 2 million people – around 4% of the working population.
The largest centre for tourism is London, which attracted close to 20 million tourists in 2016 alone. The British Museum (featuring over 8 million objects in its vast collection) has served as a major tourist attraction with over 5,906,716 visitors in 2017 alone.
Tourists are drawn to England due to a diverse range of reasons such as the existence of one of the world's few what is the gdp per capita in england monarchies that features the oldest monarch alive. The historical importance of the British Empire as a world super power has also led to a rich history in areas such as architecture, tradition and art. Over time, the British Empire amassed an impressive collection of historically important artifacts, many of which are on display in the British Museum.
Effects of the COVID-19 pandemic
The travel restrictions and lockdowns necessitated by the pandemic negatively affected the entire hospitality/tourism sector of the UK in 2020. (Most reports that provide statistics on this topic cover the entire UK as an entity, although some do include specifics for England.) An estimated 76% reduction in "inbound tourism" to the UK was experienced that year, according to VisitBritain. The forecast for 2021 (issued in January 2021) suggested that visits from other nations would be up "21% on 2020 but only 29% what is the gdp per capita in england the 2019 level". Some increase was expected during 2021, slowly at first; the tourism authority concluded that the number of visits was not expected to come "even close to normal levels".
The same VisitBritain report also discussed the effects of the pandemic on domestic travel within the UK in 2020, citing a significant reduction in spending, for an estimated decline of 62% over the previous year. As of January 2021, the forecast for the year suggested that spending would increase by 79% over the previous year and that "the value of spending will be back to 84% of 2019 levels" by the end of 2021.
As of early April 2021, some of the restrictions on domestic travel were expected to be loosened during that month, at least for travel within England, Scotland and Wales. (No announcement had been made as of early April by Northern Ireland.) A BBC news item added that hotels and B&Bs might be allowed to "open for holidaymakers in England on 17 May at the earliest". An article in The Guardian stated that there was a likelihood that "all shops in England [would] be allowed to reopen" on 12 April 2021, while pubs and restaurants [would] be allowed to serve customers outdoors.
On 5 April 2021, the VisitBritain website discussed a plan to relax some restrictions on visits to the UK from other nations by mid-May. The feasibility of the plan became less certain as of 8 April 2021 when sources in the European Union stated on that a "third wave of the pandemic [was sweeping] the continent"; the B117 variant was of particular concern. Two days earlier, PM Boris Johnson had made it clear that "We don't want to see the virus being reimported into this country from abroad".
The strength of the English economy varies between regions. The following table shows the total GVA (gross value added) of each of the nine English region in addition to the GVA per capita. These figures are for 2016.
|Rank||Place||GVA Per Capita (£)||GVA (£)||% of English GVA|
|2.||South East||£28,700||£259 billion||17.29%|
|3.||North West||£23,100||£167 billion||11.15%|
|4.||East of England||£24,000||£147 billion||9.81%|
|5.||South West||£23,100||£127 billion||8.48%|
|6.||West Midlands||£21,800||£127 billion||8.48%|
|7.||Yorkshire and the Humber||£20,700||£112 billion||7.48%|
|8.||East Midlands||£21,200||£100 billion||6.68%|
|9.||North East||£19,200||£51 billion||3.4%|
The British Chambers of Commerce Quarterly Economic Survey has information on how the economy of each region has performed since 1989.
Richest Countries in the World 2021
Many people who swear that they have discovered the secret to overall happiness claim that it has nothing to do with money. There is an incredibly high chance that you have heard the phrase, "Money cannot buy happiness." This statement is undeniably accurate, but there is also a strong counterargument—significant evidence shows that sometimes money can enable financial security that leads you to feel happier overall.
Money can't buy happiness . can it? The truth behind the saying
The core truth behind this counterargument is that many negative feelings and situations arise from a less-than-ideal fiscal standing. When one's credit score is low, even basic expenses such as renting an apartment, purchasing a home, or just getting a car can be difficult or impossible to finance. Similarly, people on a limited income can find it challenging to keep up with bare essentials such as electricity, water, and even groceries. In short, a lack of money can severely hinder one's ability to afford the fundamental "must-have" things human beings need to get by, let alone luxury items.
This presence or lack of money can also impact one's health. Wealthy people can often afford better medical treatment than those with less money, especially in countries without universal health care. Moreover, an unfavorable financial status can be a major source of stress, anxiety, or depression.
What about the argument that money cannot buy cherished memories, which are arguably the most precious treasure of all? Absolutely true. Granted, money can buy many things that can help create those memories, such as vacations, tickets to concerts or sporting events, nights out on the what is the gdp per capita in england, trips to the movies or the amusement park, gifts for loved ones, and so on. But creating those memories is still up to the individual. Plus, there are many other treasures that money can't enable, including love, trust, friendship, and spiritual peace.
Ultimately, the adage is true: Money cannot buy happiness. To quote another common saying, "the best things in life aren't things." However, a persistent lack of money can trigger negative effects ranging from emotional stress and unhappiness to poor physical health, so having at least enough money to easily cover one's living expenses is a worthwhile and unselfish goal.
Gross Domestic Product Per Capita as a measure of national wealth
By examining the gross domestic product per capita(GDP) of each country around the globe, it is possible to rank countries based on wealth and then compare them to each other. GDP per capita does not necessarily indicate the average wage a person living in a given country earns—even the wealthiest countries have some citizens living in poverty, and even the poorest countries are home to a number of extremely rich residents—but it is a fair indicator of a country's overall financial health.
The International Monetary Fund releases a definitive ranking of 236 countries and territories of the world. Here's a sneak peek at the top 10 as of October 2021 (scroll down for the full list):
The Top 10 Richest Countries in the World (by GDP per Capita, current prices US$)
- Luxembourg - $131.300
- Ireland - $102,390
- Switzerland - $93,520
- Norway - $82,240
- United States of America - $69,380
- Iceland - $68,840
- Denmark - $67,920
- Singapore - $66,260
- Australia - $62,620
- Qatar - $61,790
Location is a major player in the overall wealth of a country. For example, developing countries do not rank very well when GDP is the variable in consideration. If access to certain items and necessities is restricted, people are already working with a substantial disadvantage. Places that are not war-stricken or already burdened with a less-than-ideal economy are not set up to do well in the competition of gross domestic products between countries.
This is why, when looking at the list of the wealthiest countries in the world, countries in which trade or massive production is the primary source of income rank higher on the list. The poorer countries are less involved in global trading, and they are more independent in the sense that their direct involvement in international affairs is lesser than the wealthier nations. This is because money and power are so naturally interwoven, contributing to the overall wealth and GDP of a country.
Additionally, these numbers should be taken with a grain of scrutiny. For example, some countries (such as current #2 Ireland) are regarded as "tax havens" thanks to pro-business government tax rules. For these countries, a significant amount of what registers as GDP may be money that international companies are funneling through that country, as opposed to domestic product. Moreover, it's crucial to remember that these numbers are averages. Wealth is never distributed evenly. There will be individuals in every nation who fall substantially above and below these numbers. As such, even the richest countries in the world will have residents who qualify as poor.
What is the richest country on each continent?
As illuminating and arguably inspiring as it is to peruse the list of richest countries in the world, it's also worthwhile to examine the data when broken down by continent. For example, a list of the very richest countries on each of the six inhabited continents (by GDP per capita, as above) would look like this:
- Richest European Countries 2021: Luxembourg ($118,001), Ireland ($102,390), Switzerland ($93,520)
- Richest Asian Countries 2021: Singapore ($97,057), Qatar ($61,790), Israel ($49,840)
- Richest Countries morton community bank phone number North America 2021: United States of America ($63,416), Canada ($52,790), Puerto Rico ($34,140)
- Australia/Oceania: Australia ($62,620), New Zealand ($48,350), Palau ($11,840)
- Richest Countries in South America 2021: Uruguay ($16,970), Chile ($16,800), Argentina ($9,930)
- Richest African Countries 2021: Seychelles ($13,140), Mauritius ($8,680), Equatorial Guinea ($8,630)
Click on the links to visit the individual pages and learn more.
Profiles of Prosperity: Five of the Richest Countries in the World*
*Four of which rank among the top tax haven countries in the world.
The European country of Luxembourg has been classified and defined as the wealthiest country in the world. These findings are based on the gross domestic product per capita values of the countries. The GDP per capita is calculated by dividing the country's total GDP by the population size, with the result being the GDP value per capita within a country.
The GDP value per capita of a country is an excellent way of measuring a country's wealth because it considers the standard of living. By taking the GDP per capita of a country and comparing it to the GDP per capita of another country, you'll be able to accurately determine which country is more prosperous than another, with a few other factors being taken into consideration as well.
Looking at Luxembourg in particular, the GDP per capita reached a chart-topping $131,300 US$ in the October 2021 report.
The GDP per capita of Ireland is $102,390 US$ in October 2021. For reference, Ireland's GDP in 2017 was $70,220 US$. So things are definitely looking up in Ireland—however, the country is another notorious tax haven, so perhaps the average Irishman hasn't found the pot of gold at the end of the rainbow after all.
Switzerland is yet another of the top five wealthiest countries based on its GDP per capita, which sat at a very notable $93,520 in October 2021.
With an October 2021 GDP per capita of $82,240 US$, this country is not only one of the top five richest worldwide, it's the only one not also considered an international tax shelter.
United States of America
Considering the lengths many large U.S. corporations go to hide their own profits in overseas tax shelters, it may be surprising to learn that the United States is itself considered a tax haven by many financial watchdog groups. However, many national and state-level regulations enable international clients to move their money through U.S.-based accounts while incurring minimal taxes.
The Economy of the United Kingdom
With a gross domestic product (GDP) of $2.83 trillion in 2019 and a population of more than 66 million, the United Kingdom has the sixth-largest economy after the U.S., China, Japan, Germany, and India. The U.K. is made up of England, Scotland, Wales, and Northern Ireland. Its quality of life is generally considered high, and the economy is quite diversified. What is the gdp per capita in england sectors that contribute most to the U.K.'s GDP are services, manufacturing, construction, and tourism. It has unique laws like the free asset ratio.
- With a 2019 gross domestic product (GDP) of $2.83 trillion, the United Kingdom has the sixth-largest economy in the world.
- The services sector—which comprises many industries including finance, retail, and entertainment—accounts for more than three-quarters of the U.K.'s GDP, while manufacturing and production account for less than 21%.
- The European Union is the U.K.'s largest single trading partner, accounting for about 43.5% of exports in 2019.
Sectors That Contribute to the Economy
According to the U.K. Office for National Statistics (ONS), the services sector is the largest sector in the U.K., accounting for more than three-quarters of the GDP. The service industry in the U.K. comprises many industries, including finance and business services, consumer-focused industries, such as retail, food and beverage, and entertainment. Manufacturing and production contribute less than 21% of the GDP, and agriculture contributes about 0.60%.
After posting steady growth in 2017, the U.K. manufacturing sector only grew by 0.4%, and construction output fell by 0.4% in 2018, according to The Blue Book: 2019 from the U.K. ONS. The food products division is the largest within the U.K. manufacturing sector, showing a decrease in sales of £0.9 billion in 2019 over 2018.
Growth in the services industry increased by 2.1% in 2018, a strengthening from the growth seen in the previous two years. An overall slowdown in real household consumption that started in 2017 continued in 2018, however. This reduction was blamed in part on saving mr banks new york times uncertainty over Brexit and a declining housing market.
Tourism is another big money-maker for the U.K. In 2019, visitors who are residents of other countries spent £28.4 billion, or $35.9 billion on travel and tourism in the U.K., according to the ONS. Visits in June 2019, the peak season for tourism, grew by 9% on a yearly basis. Overseas visitors spent £2.34 billion, 13% more than the previous year, according to Visit Britain.
U.K. exports were worth £689 billion in 2019, or 31.1% of GDP. Cars were the biggest goods product group by value at £31.6 billion. Financial services accounted for £63.2 billion of total exports in 2019. The EU is the country's largest single trading partner and accounted for 43.5% of exports in 2019.
Effect of Brexit on the U.K. Economy
The U.K.'s June 2016 decision to leave the European Union (EU), otherwise known as "Brexit" (short for British exit), formally took effect on January 31, 2020. Since the vote, numerous government agencies and nongovernmental organizations have projected that the uncertainty around ongoing Brexit negotiations has had a negative impact on the U.K. economy. However, because of the timeline, the actual economic impact of Brexit itself is still unclear. This is complicated further by the fact that economic events since the formal separation have largely been dominated by the effects of the COVID-19 related lockdowns.
A 2018 summary of various Brexit estimates by the independent Institute for Government, found that reliable projections of the long-term economic impact of Brexit differ wildly, mostly based on the assumptions that respective researchers have built into their models. Though the majority of projections are negative, they range from an 18% loss to a 7% gain in U.K. economic output as a result of Brexit.
Research from the Centre for European Reform, a pro-EU/anti-Brexit political think-tank funded by various multinational corporations, asserts that the vote to leave the EU cost the U.K.'s public finances £17 billion for the year as of September 2018, or £145 million a week. "Britain’s decision to leave the EU damaged growth, largely thanks to higher inflation and lower business investment. The U.K. missed out on a broad-based upturn in growth among advanced economies in 2017 and early 2018. And the economic cost of the decision so far is sizeable, if not disastrous," claimed deputy director John Springford.
The U.K.'s Office for Budget Responsibility, a government agency, suggests what is the gdp per capita in england several areas have been affected by the uncertainty related to the Brexit negotiations. They include declines in business investments, as well as the prospect of less access to foreign markets. This has spurred declines in the exchange rate that are raising inflation and reducing consumer income, and as a result, consumer income and spending are contributing less to economic growth.
COVID-19 and the U.K. Economy
The U.K. is noteworthy for its dramatic policy what is the gdp per capita in england to the COVID-19 pandemic. After initially announcing the intention to pursue a strategy of protecting the vulnerable while building herd immunity, the U.K. government radically shifted course based on the results of highly publicized model projections from the Imperial College of London. Subsequently, the U.K. implemented some of the most draconian lockdown measures, with a general national lockdown from March to July.
U.K. GDP experienced a record 20.4% decline in the second quarter 2020, and fell by 22.1% over the first half of 2020. Amidst the highly restrictive government measures in response to the pandemic, these declines were particularly prevalent in sectors most exposed to the government restrictions, including services, production, and construction. The larger economic decline in the U.K. relative to other countries reflects not just the restrictions imposed but the long period of the lockdown.
Go green and prosper: Can Bangladesh grow without damaging the environment?
For many years, the Indian subcontinent barely featured on the economic radar of the English speaking world. That time has gone. Following a protracted period of strong economic growth, several governments in the subcontinent now find themselves on the threshold of a new era or sustained prosperity. But prosperity comes with a price tag of its own with damage to the environment being but one of them.
Recovering from its independence in 1971, the economy of Bangladesh was based largely on agricultural products. In some circles, the country was regarded as a basket case. However, by the early 21st century a new picture has emerged. In 2019, GDP per person was running at $1,856, significantly higher than the $1,285 seen in Pakistan and by some criteria, even higher than the aspiring super power to the south, India.
Average life expectancy in Bangladesh had advanced to 72 years by 2019 having increased by a full seven years since the millennium. Overall GDP growth has averaged 6 per cent for most of the past 20 years and it is probably worth noting that the figures for mobile phone ownership exceeded the human population in 2019.