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The UK economy is worth £8.8 trillion

The following article has been extracted from Wales Online:

The figures from the ONS equates to  £135,000 per head of UK population.

The UK economy is worth a whopping £8.8 trillion.

The analysis of the total net worth the UK economy at the end of 2015 at current prices was carried out by the Office for National Statistics in Newport.

It equates to £135,000 per head of UK population, or £327,000 per household.

It doesn’t include ‘human capital’ including the value of knowledge and skills.

Commenting on the figures, ONS statistician Ole Black said “The £8.8 trillion figure represents an increase in cash terms of £493bn, or 6%, on 2014.

Net worth of the UK economy

£8.8 trillion

Total net worth

£135,000

Per head of UK population

£6 trillion

Rise since 1996

ONS

“This continued the general long-term upwards pattern in net worth except during the economic downturn of 2008-09. Much of this increase came from dwellings, where there was a £355bn rise in value.”

UK total net worth more than tripled between 1995 and 2015, with an increase of £6 trillion.

This was equivalent to an average increase of £87,000 per person from £49,000 per person in 1995 to £135,000 per person in 2015.

Since 1995, UK total net worth increased consistently until the economic downturn in 2008 and 2009.

From 2010 onwards it has increased in almost every year, with the exception of a small decrease in 2012.

Sector contribution

The biggest sector continued to be households and non-profit institutions – such as charities, social clubs, churches and trade unions – that together were worth £10.2 trillion at end-2015, up from £9.8 trillion the previous year.

The most valuable assets in this sector were dwellings, at £5.2 trillion – just over half the total – followed by insurance and pension schemes at £3.7 trillion.

By contrast, most of the other sectors had negative net worth

A negative net worth means that a sector owed more in liabilities (such as loans) then it owned in assets (such as buildings).

Source: Click here

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