Annual currency in circulation (CIC) to GDP ratio of the UK 2012-2022
Coins and banknotes not held by banks in the United Kingdom made up slightly more than three percent of GDP in 2021, a percentage that only increased in 2020. This so-called CIC/GDP ratio roughly measures the use of cash in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and not necessarily reflects retail payments.
