U.S. and UK businesses are well-established as trading partners with strong market opportunities in IT, services, aerospace and defense, health and pharmaceutical, and travel sectors (for details, see leading sectors chapters).  The UK economy is undergoing a historic realignment following its decision to leave the EU single market and customs union, while at the same time dealing with the ongoing economic impact of the COVID pandemic.  GDP growth was positive throughout 2021 and 2022 (7.6 percent and 4.1 percent respectively). Posting the fastest growth rate among G7 countries in 2021, the UK’s economy surpassed its pre-pandemic level in the first quarter of 2022, due largely to increased government spending.  Full year 2022 GDP growth reached 4.1 percent. Although analysts had predicted five percent growth in 2022, growth forecasts for the UK in 2023 are at only 0.5 percent owing to the Russian invasion of Ukraine, rising energy costs and global supply chain disruptions.

In June 2023, the United Kingdom, as a part of the joint U.S.-UK Atlantic Declaration, has announce its renewed commitment to develop and invest in critical and emerging industries alongside the U.S., including AI R&D, expansion of green energy infrastructure, and ensuring the continued security across data, health, and defense sectors.  

Additionally, ITA’s ranks the United Kingdom as a top prospective market for consulting services. Learn more about consulting services opportunities in our Consulting Services Top Export Market Ranking.