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Economy of United Kingdom

The United Kingdom has the fifth-largest national economy (and second-largest in EU) measured by nominal GDP and ninth-largest in the world (and second-largest in the EU) measured by purchasing power parity (PPP). The UK economy currently makes up 4% of world GDP. The UK has been the fastest growing economy in the G7 for four consecutive years with 2.1% year on year growth in 2016. In 2014 the UK was the ninth-largest exporter in the world and the fifth-largest importer, and had the second largest stock of inward foreign direct investment and the second-largest stock of outward foreign direct investment .The UK is one of the world's most globalised economies. The UK economy comprises (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland.

The service sector dominates the UK economy, contributing around 78% of GDP; the financial services industry is particularly important and London is the world's largest financial centre. The British aerospace industry is the second- or third-largest national aerospace industry depending on the method of measurement .The pharmaceutical industry plays an important role in the economy and the UK has the third-highest share of global pharmaceutical R&D. The automotive industry is also a major employer and exporter. The British economy is boosted by North Sea oil and gas production; its reserves were valued at an estimated 120 billion in 2011.

The UK economy is now 7.3% bigger than its pre-crisis peak and 14.2% bigger than its lowest point in 2009. Since 2010, the Government has been pursuing an austerity program aimed at cutting the budget deficit. In the financial year 2009-10 this was 12.1% of GDP, it was 3.9% in the financial year 2015-16.

Sectors

Agriculture

Agriculture in the UK is intensive, highly mechanised, and efficient by European standards, producing about 60% of food needs, with less than 1.6% of the labour force (535,000 workers). It contributes around 0.6% of British national value added.

The Blue Book 2013 reports that "Agriculture" added gross value of 9,438 million to the UK economy in 2011.

Construction

The construction industry of the United Kingdom contributed gross value of 86 billion to the UK economy in 2011.

Production industries

Electricity, gas and water supply

The Blue Book 2013 reports that this sector added gross value of 33,289 million to the UK economy in 2011.

Manufacturing

In 2011 the UK manufacturing sector generated approximately 140,539 million in gross value added and employed around 2.6 million people.

Mining, quarrying and hydrocarbons

The Blue Book 2013 reports that this sector added gross value of 31,380 million to the UK economy in 2011.

Service industries

The service sector is the dominant sector of the UK economy, and contributes around 77.8% of GDP as of Q1 2014.

Education, health and social work

According to The Blue Book 2013 the education sector added gross value of 84,556 million in 2011 whilst Human health and social work activities added 104,026 million in 2011.

Financial and business services

The UK financial services industry added gross value of 116,363 million to the UK economy in 2011.

Public administration and defence

The Blue Book 2013 reports that this sector added gross value of 70,400 million to the UK economy in 2011.

Tourism

Tourism is very important to the British economy. With over 32.6 million tourists arriving in 2014, the United Kingdom is ranked as the eighth major tourist destination in the world.

Transport, storage and communication

The transport and storage industry added gross value of 59,179 million to the UK economy in 2011 and the telecommunication industry added a gross value of 25,098 million in the same year.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of United Kingdom"

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