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British Life and Culture

by Mandy Barrow

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British life and culture - England, Scotland and Wales
Economy in Britain

The UK is the fourth largest economy in the world, with a gross domestic product (GDP) of US $1.93 trillion. It has the second largest economy in Europe (after Germany). The capital, London, is one of the two largest financial centres in the world, along with New York City.

The UK economy is one of the strongest in Europe; inflation, interest rates, and unemployment remain low.

Economic Growth

Economic growth in the UK was 1.8 per cent in 2005 (Source: ONS, 2006) and grew by 2.7% in 2006. Gross Domestic Product (GDP) growth is expected to remain steady in 2007 with a forecast growth figure of 2.9%.

(Gross Domestic Product (GDP) is the market value of all final goods and services produced and purchased within a country during a given time period.)

US $1.93 trillion (2006 est.) (purchasing power parity)
GDP - real growth rate:
2.8% (2006 est)
GDP - per capita:
$31,800 (2006 est.) (purchasing power parity)
GDP - composition by sector:
agriculture: 1%
industry: 25.6%
services: 73.4% (2006 est.)
source: (July 2007)


One Pound Sterling (£) = 100 pence (p)

Exchange Rates

Click here for information

Interest Rates

Interest rates influence spending and saving in the economy and the prices we pay for goods and services.

The current Base Rate is 5.75% (August 2007)

Go to goods manufactured and imported Trade

Industries in Britain

Click to find out about the industries in Britain

Other pages on the same theme

See Britain at work

Industries in each area of England

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All the materials on these pages are free for homework and classroom use only. You may not redistribute, sell or place the content of this page on any other website or blog without written permission from the Mandy Barrow.

© Copyright Mandy Barrow 2014

Mandy is the creator of the Woodlands Resources section of the Woodlands Junior website. 
The two websites and are the new homes for the Woodlands Resources.

Mandy left Woodlands in 2003 to work in Kent schools as an ICT Consultant.
She now teaches computers at The Granville School and St. John's Primary School in Sevenoaks Kent.

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