Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
United Kingdom Exports: Overview
Exports as a percentage of its GDP continue to decline given global uncertainty.
Commodity exports amounted to $467.7 billion in 2021, compared to $395.7 billion in 2020, up by 18.2%. The UK was the seventh largest exporter of nuclear reactors, boilers and machinery, and parts thereof in the world in 2021. The country exported nuclear reactors and boilers worth $68.8 billion in 2021, and the commodity had a share of 14.7% in the export basket of the UK. The share, however, decreased from 15.6% in 2019. Natural cultured pearls exports contributed to 14.1% of total exports in 2021. Other major UK exports include vehicles and mineral fuels and mineral oils.
In 2021, Germany, the US, and the Netherlands were the UK’s top three trading partners; they accounted for 27.1% of total trade (exports and imports).
United Kingdom Exports as a % of GDP
Exports as a % of GDP of the UK was 27.6% in 2021, while UK exports as a % of GDP decreased by 4.5% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in the UK decreased by 2.9%. The exports as a % of GDP were highest in the year 2013 at 32.6% and lowest in the year 2021 at 27.6%.
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