The United Kingdom has the sixth-largest national economy in the world measured by nominal GDP and eighthlargest

measured by purchasing power parity (PPP), and the third-largest in Europe measured by nominal GDP and the second-largest in Europe measured by PPP. The UK has one of the world's most globalised economies. London is the world's largest financial centre alongside New York and has the largest city GDP in Europe th The United Kingdoms economic freedom score is 74.8, making its economy the 14 freest in the 2013 Index. th Where the Philippines is ranked 97 With a legal system that enforces contracts and property rights effectively, the U.K. has long benefited from openness to global trade and investment. Reforms undertaken in recent years include measures to curb the growth of government spending and a series of corporate tax rate cuts that will continue until 2014. Ending the steady erosion of economic freedom during the past five years, Britains overall score took an upturn in the 2013 Index. However, the British economy continues to struggle to emerge from the economic slowdown, with the prospects for swift growth complicated by the ongoing European sovereign debt crisis, and significant structural reforms are still needed. Restoring the soundness of public finances remains especially critical and will require a sustained commitment to real downsizing of government spending. The top income tax rate is 50 percent, and the top corporate tax rate has been reduced to 24 percent. Other taxes include a value-added tax (VAT) and an environment tax. The overall tax burden equals 34.3 percent of total domestic income. As a result of austerity measures imposed in 2010, government spending has fallen to 49.1 percent of GDP, and the deficit has begun to narrow. Public debt has climbed to over 80 percent of total domestic output. Population: 62.6 million GDP (PPP): $2.3 trillion 0.7% growth $36,090 per capita Unemployment: 8.0% Inflation (CPI): 4.5% FDI Inflow: $53.9 billion

The Gross Domestic Product (GDP) in the United Kingdom was worth 2431.59 billion US dollars in 2011. The GDP value of the United Kingdom represents 3.92 percent of the world economy. GDP in the United Kingdom is reported by the The World Bank Group. Historically, from 1960 until 2011, the United Kingdom GDP averaged 892.2 USD Billion reaching an all time high of 2811.0 USD Billion in December of 2007 and a record low of 72.3 USD Billion in December of 1960. The gross domestic product (GDP) measures of national income and output for a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. This page includes a chart with historical data for the United Kingdom GDP.