OECD Economic Surveys: United Kingdom 2020

Abstract

This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.

The economic situation and policies of the United Kingdom were reviewed by the Committee on 8 September 2020. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 28 September 2020.

The Secretariat’s draft report was prepared for the Committee by Annabelle Mourougane, with contributions from Mark Baker, Tim Bulman, Andres Fuentes and Jon Pareliussen, under the supervision of Sebastian Barnes. Statistical research assistance was provided by Eun Jung Kim and editorial assistance by Michelle Ortiz.

The previous Survey of the United Kingdom was issued in October 2017.

Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at http://www.oecd.org/eco/surveys.

Basic statistics of United Kingdom, 2019

(Numbers in parentheses refer to the OECD average)1^, 2

LAND, PEOPLE AND ELECTORAL CYCLE
Population (million)	66.8		Population density per km² (2018)	274.7	(38.0)
Under 15 (%)	17.7	(17.9)	Life expectancy at birth (years, 2018)	81.3	(80.1)
Over 65 (%)	18.5	(17.1)	Men (2018)	79.5	(77.5)
Foreign born (%, 2018)	13.8		Women (2018)	83.1	(82.8)
Latest 5-year average growth (%)	0.7	(0.6)	Latest general election	December-2019
ECONOMY
Gross domestic product (GDP)			Value added shares (%)
In current prices (billion USD)	2 829.8		Agriculture, forestry and fishing	0.7	(2.6)
In current prices (billion GBP)	2 216.5		Industry including construction	19.5	(26.8)
Latest 5-year average real growth (%)	1.8	(2.2)	Services	79.8	(70.5)
Per capita (000 USD PPP)	48.7	(48.3)
GENERAL GOVERNMENT
Per cent of GDP
Expenditure	40.9	(41.7)	Gross financial debt (2018, OECD: 2017)	116.6	(108.9)
Revenue	38.7	(38.5)	Net financial debt (2018, OECD: 2017)	82.3	(69.0)
EXTERNAL ACCOUNTS
Exchange rate (GBP per USD)	0.78		Main exports (% of total merchandise exports)
PPP exchange rate (United States = 1)	0.68		Machinery and transport equipment	36.6
In per cent of GDP			Miscellaneous manufactured articles	15.0
Exports of goods and services	31.6	(54.2)	Chemicals and related products, n.e.s.	14.3
Imports of goods and services	32.7	(50.5)	Main imports (% of total merchandise imports)
Current account balance	-4.0	(0.3)	Machinery and transport equipment	33.2
Net international investment position	-25.9		Miscellaneous manufactured articles	14.4
			Commodities and transactions, n.e.s.	13.0
LABOUR MARKET, SKILLS AND INNOVATION
Employment rate (aged 15 and over, %)	60.9	(57.5)	Unemployment rate, Labour Force Survey (aged 15 and over, %)	3.7	(5.4)
Men	65.5	(65.6)	Youth (aged 15-24, %)	11.1	(11.7)
Women	56.4	(49.9)	Long-term unemployed (1 year and over, %)	0.9	(1.4)
Participation rate (aged 15 and over, %)	63.2	(61.1)	Tertiary educational attainment (aged 25-64, %, 2018)	45.8	(36.9)
Average hours worked per year (2018)	1,538	(1,734)	Gross domestic expenditure on R&D (% of GDP, 2018)	1.7	(2.6)
ENVIRONMENT
Total primary energy supply per capita (toe, 2018)	2.7	(4.0)	CO2 emissions from fuel combustion per capita (tonnes, 2018)	5.3	( 8.6)
Renewables (%, 2018)	11.5	(10.5)	Renewable internal freshwater resources per capita (1 000 m³, 2014)	2.2
Exposure to air pollution (more than 10 g/m³ of PM 2.5, % of population, 2017)	65.0	(58.7)	Municipal waste per capita (tonnes, 2018)	0.5	(0.5)
SOCIETY
Income inequality (Gini coefficient, 2017, OECD: 2016)	0.357	(0.310)	Education outcomes (PISA score, 2018)
Relative poverty rate (%, 2017, OECD: 2016)	11.9	(11.6)	Reading	504	(487)
Median disposable household income (000 USD PPP, 2017, OECD: 2016)	23.9	(23.9)	Mathematics	502	(489)
Public and private spending (% of GDP)			Science	505	(489)
Health care (2018)	9.8	(8.8)	Share of women in Parliament (%)	32.0	(30.7)
Pensions (2015)	7.3	(8.5)	Net official development assistance (% of GNI, 2017)	0.7	(0.4)
Education (% of GNI, 2018)	5.5	(4.5)

1. The year is indicated in parenthesis if it deviates from 2019.

2. Where the OECD aggregate is not provided in the source database, a simple OECD average of latest available data is calculated where data exist for at least 80% of member countries.

Source: Calculations based on data extracted from databases of the following organisations: OECD, International Energy Agency, International Labour Organisation, International Monetary Fund, World Bank.