Defying a hard landing

AA2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in January 2024.

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GDP USD3070.7 bn (World ranking 6, World Bank 2022)
Population 67.0mn (World ranking 22, World Bank 2022)
Form of state Constitutional Monarchy
Head of government Rishi Sunak (Conservative Party)
Next elections 2025, Presidential and legislative
  • High trade balance surplus on services
  • Healthy banking sector
  • Diversified export structure
  • Friendly business environment
  • Very high twin deficits
  • Lower economic attractiveness post Brexit
  • Low productivity growth
  • Decreasing long term per capita income

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
United States 12.1%
1
13.4% China
Netherlands 8.3%
2
11.9% United States
Germany 7.8%
3
8.6% Germany
China 6.7%
4
6.5% Norway
Switzerland 6.6%
5
4.2% France

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Gold, non-monetary (excluding gold ores and concentrates) 13.8%
1
8.7% Road vehicles
Petroleum, petroleum products and related materials 8.5%
2
8.6% Petroleum, petroleum products and related materials
Road vehicles 7.3%
3
7.3% Gas, natural and manufactured
Power generating machinery and equipment 7.2%
4
5.2% Gold, non-monetary (excluding gold ores and concentrates)
Medicinal and pharmaceutical products 5.5%
5
4.5% Electrical machinery, apparatus and appliances, n.e.s.