Is The UK's economy strong? Has Brexit impacted so negatively? Find out by watching this video about the economic review and strength score!
The economy of the United Kingdom is highly developed and market-orientated. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty second-largest by GDP per capita, comprising 3.3% of world GDP.
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Beginner guide to the main economic indicators:
- GDP: is probably the most important economic indicator. It measures the market value of the total production of goods and services in a country in a period of time (usually one year).
- GDP Nominal: Is the GDP at current market price, unadjusted for the effects of inflation.
- GDP PPP: is the GDP converted to US dollars using purchasing power parity rates. Purchasing
power parity (PPP) is used to adjust the exchange rate differences among countries.
- GDP Per Capita: it is obtained by dividing the GDP with the population of the country.
- Public Debt (also Government Debt): is the debt of the state to the private sector of the economy (businesses, families, banks) or the Central Bank- Inflation: is a sustained increase in the general price level of goods and services in an economy over a period of time.
- Unemployment rate: is the number of unemployed people divided by the number of people in the labor force.
- GDP Growth: is the increase in the market value of the goods and services produced by an economy.
- Current Account Balance: includes all transactions with the rest of the world of a country (net trade balance in goods and services, net transfer payments, net foreign investments) in a period of time.
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