What is the current state of the UK economy?

If you are a resident of the United Kingdom and you want to start a business, you will be interested in the current state of the UK economy. If you want to start a business in the UK, you might require the services of finance companies in the UK. You can read about finance companies and every other company you want to deal with officially or personally on Britainreviews.co.uk. The same applies to when you want to relocate to the United Kingdom. You will be interested in knowing if the economic state of the UK is viable to support your business or the reasons why you want to relocate to the country. Hence, this article will intimate you about the current state of the UK based on recent statistics.

The UK as a country has a population of about 68 million people. This implies that starting a business in the UK will provide you with a prospective 68 million local customers. This is apart from the fact that you can also target prospective customers from outside the UK that you will be able to easily attend to in the UK. The country has a nominal GDP of $3.12 trillion, ranking 5th in the world. Hence, the United Kingdom is the fifth strongest economy in the world in terms of GDP. The GDP per capita is estimated to increase to $47,089 and 46,344 for PPP and nominal respectively in the year 2021. This implies that on average, the residents of the UK have a huge purchasing power and patronizing your business, once you produce quality products that people will need will not be a problem as they have enough to spend.

You will also be interested in the major sectors in the UK. This will provide you with the sector to target when you want to start a business. It can also provide you with suggestions on the areas to try to specialize in if you are going to be looking for a job in the UK. Based on the estimate for 2015, services are responsible for 80.2 per cent of the UK’s GDP. Industry and agriculture are responsible for 19.2 per cent and 0.6 per cent respectively.

The main industries in the UK include utilities, transportation and logistics, tourism, telecommunications, scientific equipment, retailing, real estate, processed metals, biotechnology and pharmaceuticals, media, ICT, industrial equipment, leisure and hospitality, healthcare, beverages and food, financial services, entertainment, energy, electronics, education, defence equipment, consumer goods, construction, chemicals, professional and business services, automotive, agriculture, and aerospace. If you want to start a business in any of these industries, you can be sure that it will be very easy to do so as the UK was ranked as the eighth easiest country to start a business in the world in the year 2020.

If you intend to look for work in the UK, you can be sure that the chances of not getting a job are very low. This is considering that as of March 2021, the unemployment rate in the UK was 5 per cent. About 79.7 per cent, 18.8 per cent and 1.5 per cent of the labour force in the UK are employed in the services, industry, and agriculture sector respectively.

Another area the UK is doing great is in terms of inflation. The inflation rate in the UK is very low. At less than 4 per cent, you can be sure that the prices of raw materials and other supplies you will need to run a business will not suddenly increase in price, forcing you to increase the price of your products and losing customers in the process. It also means that whatever money you are saving in the bank either for the business or for yourself will not significantly reduce in value within a short while due to inflation. Hence, the UK remains one of the best countries to live or start a business base on the current state of their economy.