The UK GDP per capita was at 40, 529.6 US$ in 2016. The population of the UK was also around 64.6 million individuals in the same year. The UK is among the top nations in the global GDP ranking.
The below statistics offer projections for UK GDP per capita till the year 2022:
|Year||UK GDP per capita in US $|
|2022||49, 451. 87|
The GDP per capita in the UK is increasing, although not on par with the levels in the pre-recession period. The nation is witnessing signs of recovery of its economy, as quoted by the Statista. However, it is still not clear as to what kind of recovery this is.
It is being questioned as to whether the growth in the UK is the right one. It is with respect to a well-balanced recovery for all the key sectors. The labor productivity is also apparently declining owing to the Brexit uncertainty. This implies that the UK as a nation would be less competitive.
The UK GDP figures continue to increase but this is along with enhanced employment in the private sector. The rate of inflation in the UK is also having an impact on day to day life of the people. Maintaining a decent standard of living is becoming increasingly tough for vulnerable groups.
GDP is a valuable indicator for measuring the state of the economy of a nation. It is the market value of all final services and goods produced in a nation in a specific time period, normally a year. GDP per capita is exactly equal to the per capita Gross Domestic Income. It is not a measure of the personal income of an individual.