Uk Economy

The United Kingdom is the world’s sixth largest economy, but it is the largest economy in Europe. The United Kingdom’s economy consists of England’s, Wales’, Northern Island’s and Scotland’s economies put together.

Over the past years, the British economy has grown constantly, continuing an economic growth of over one hundred and fifty years. The UK has the strongest economy in the European union as far as inflation, unemployment and interest rates are concerned, all of them continuing to be low. Out of all the countries in the UE, the International Monetary Fund rates the UK as having the seventh highest level of DGP per capita in terms of purchasing power parity. It also has the third largest current account deficit on the globe.

Sixty percent of food necessities are furnished by local agriculture activities. The United Kingdom has plenty of reserves of natural gas, coal and oil, making up for 10{7bd3c7ad8bdfca6261de5ca927cd789e17dbb7ab504f10fcfc6fb045f62ae8d5} of the country’s GDP. The services industry is made out of hospitality, real estate, health care, food chains, but also of financial services like insurance and banking. In London there are many branches of financial organizations from everywhere around the globe.

Agriculture contributes two percent of GDP; it is mechanized and very efficient. The English grow crops of oats, potatoes, wheat, sugar beet, linseed, hemp or barley. They raise chickens, sheep and cattle. The fishing industry is also present in the UK, especially in towns on the coast such as: Peterhead, Grimsby, Lowestoft, Frasersburgh or Fletwood.

Engineering contributes 30{7bd3c7ad8bdfca6261de5ca927cd789e17dbb7ab504f10fcfc6fb045f62ae8d5} of the total GDP in manufacturing, being the largest sector in industry. Other important field of the Engineering and allied industries is that of electronics. The United Kingdom manufactures a wide range of equipment. Some companies build private motor yachts (Fairline Boats, Sunseeker) and some manufacture power generation systems or aerospace engines. Other significant sectors in the industry of manufacturing are: tobacco, food and drink, printing, textiles and publishing.

Business investment was supposed to grow about 5 percent a year in 2007 and 2008. For creative industries, tax credit is to be expanded. In 2007, the United Kingdom became India’s fifth most important trading partner. It exports diamonds, precious metals, industrial machinery, telecommunication equipment, chemicals and transport equipment. Out of all the Asian countries, India is the eighth most important investor in the United Kingdom. In 2003, the number of Indian businesses that invested in the UK grew with almost fifty percent over the year before.

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