United Kingdom is highly globalized market oriented economy comprising 3.3% of world gross domestic product. It is ranked 9th largest economy by purchasing power parity and 6th by nominal gross domestic product United Kingdom. United Kingdom is 22nd largest country by per capita income in the world. UK is one of the advanced and highly organized economies composed of Scotland, England, North Island and Wales. In 2016, UK was listed 5th largest goods importer and 10th largest goods exporter. It also had 3rd largest outward foreign direct investment and 2nd largest inward foreign direct investment.
The service sector of UK contributes around 80% of national GDP. London is considered as 2nd largest commercial center in the world and size of London economy makes it the largest city by gross domestic product in Europe. Currency of United Kingdom is pound sterling, which is world 4th most valued currency after United State Dollar, the Euro and Japanese yen. UK pound sterling is 10th most valued currency in the world. UK is member of many international organizations including G20, G7, Commonwealth, North Atlantic Treaty Organization, International Monetary Fund, Organization for Security and Cooperation in Europe, World Bank, United Nations Security Council, United Nations, World Trade Organization and Asian Infrastructure Investment Bank.
According to the projections from trading Economics and World Bank official data, gross domestic product United Kingdom was worth of 2910 billion US dollar in 2019. GDP of United Kingdom represents around 2.4% to global economy.
The data of gross domestic product United Kingdom is released on quarterly basis approximately 3.5 weeks after end of quarter at 08:30 GMT by UK Office of National Statistics.