any
industrial nation. Services, particularly banking, insurance, and
business services, account by far for the largest proportion of GDP
while industry continues to decline in importance. GDP growth
slipped in 2001-03 as the global downturn, the high value of the
pound, and the bursting of the "new economy" bubble hurt
manufacturing and exports. Still, the economy is one of the
strongest in Europe; inflation, interest rates, and unemployment
remain low. The relatively good economic performance has complicated
the BLAIR government's efforts to make a case for Britain to join
the European Economic and Monetary Union (EMU). Critics point out,
however, that the economy is doing well outside of EMU, and they
point to public opinion polls that continue to show a majority of
Britons opposed to the euro. Meantime, the government has been
speeding up the improvement of education, transport, and health
services, at a cost in higher taxes. The war in March-April 2003
between a US-led coalition and Iraq, together with the subsequent
problems of restoring the economy and the polity, involve a heavy
commitment of British military forces.

GDP:
purchasing power parity - $1.666 trillion (2003 est.)

GDP - real growth rate:
2.2% (2003 est.)

GDP - per capita:
purchasing power parity - $27,700 (2003 est.)

GDP - composition by sector:
agriculture: 0.9%
industry: 26.5%
services: 72.6% (2003)

Investment (gross fixed):
16.2% of GDP (2003)

Population below poverty line:
17% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: 2.3%
highest 10%: 27.7% (1995)

Distribution of family income - Gini index:
36.8 (1995)

Inflation rate (consumer prices):
1.4% (2003 est.)

Labor force:
29.6 million (2003)

Labor force - by occupation:
agriculture 1%, industry 25%, services 74% (1999)

Unemployment rate:
5% (2003 est.)

Budget:
revenues: $688.9 billion
expenditures: $746.1 billion, including capital expenditures of NA
(2003)

Public debt:
51% of GDP (2003)

Agriculture - products:
cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish

Industries:
machine tools, electric power equipment, automation equipment,
railroad equipment, shipbuilding, aircraft, motor vehicles and
parts, electronics and communications equipment, metals, chemicals,
coal, petroleum, paper and paper products, food proces