United Kingdom
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 2,431 bn Goods Exports 479
GDP per capita (USD) 38,951 Imports 639
GDP volume growth (year-on-year) + 0.8% Net – 160
Population 62.42m Services Exports 294
MMR (year average) 0.52% Imports 181
Exchange rate EUR / USD (year average) 1.6036 Net + 113
BoP (goods, services & income) as % of GDP – 0.5% Source: IFS, IMF, January 2013
International/Regional memberships
European Union (EU): since 1 January 1973.
The UK is also a member of the European
Economic Area (EEA).
International Monetary Fund (IMF):
since 27 December 1945.
World Trade Organization (WTO):
since 1 January 1995.
Government trade policy
The UK implements the EU’s trade
regulations, commercial policies and
customs code (ec.europa.eu/trade).
The UK trades freely with its fellow EEA
member states as well as Switzerland.
The EU has in place bilateral trade
agreements with 36 countries and regional
trade agreements with a number of trading
blocs.
National export credit insurance provider:
Export Credits Guarantee Department
http://www.ecgd.gov.uk).
The EU maintains 74 free trade zones,
seven of which are located in the UK. Isle of
Man Airport is also a free trade zone.
Currency and exchange controls
Official currency: Pound sterling (GBP).
Exchange rate arrangement: free floating.
The UK does not impose foreign exchange
controls.
Bank accounts
Permission to hold currency accounts
Within UK Outside UK
GBPForeign currency GBPForeign currency
Resident
company ✔ ✔ ✔ ✔
Non-resident
company ✔ ✔ ✔ N/A