The Economy of the United Kingdom

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The Economy of the United Kingdom

The United Kingdom is primarily an industrial and commercial nation. The county’s gross domestic product totaled over $1 trillion last year. Annual national budget revenues were estimated at $325/5 billion, and expenditures were over $400 billion.

Service industries account for about two-thirds of the United Kingdom’s gross domestic product. More than 70 percent of British workers are employed in service industries. The county’s service industries are concentrated in and near its largest cities, especially London.

Finance, insurance, and real property is the most important service industry in Britain. Most of the country’s financial companies operate in London, one of the world’s leading financial cities.

Community, social, and personal services rank second among the service industries in the United Kingdom. It includes such activities as education and health care, and advertising and data processing.

Wholesale and retail trade is the third most important service industry in Britain. The most valuable wholesale trading activities include the distribution of petroleum and textiles.

The United Kingdom is a leading industrial nation. Most British industries are in central England, the London area, the Scottish Central Lowlands, the Newcastle upon Tyne area, and southern Wales. Britain ranks as an important steel producer. It exports nearly half of its finished steel. The rest is used in Britain to make hundreds of products. Much steel is used in automobiles, buses, trucks, and motorcycles. Britain also produces heavy machinery for industry, farming, and mining. The country is one of the world’s largest producers of tractors. Other products include cranes, earth movers, road graders, harvesters, and drilling machines.

An increasing percentage of Britain’s manufactured goods consists of sophisticated electronic equipment.

The chemical industry in Britain produces a variety of products — from industrial chemicals to plastics and soap. Britain is the fourth largest exporter of pharmaceuticals.

The United Kingdom is one of the world’s chief centers of printing and publishing. British companies print paper money and postage stamps for many countries.

Today, Britain remains an important producer of cotton and woolen textiles. British manufactures also make synthetic fibres and fabrics.

Britain has one of Europe’s largest clothing industries. British clothing has long been famous for its quality.

Processing of food and beverages ranks as one of Britain’s major industries. Most processed foods and beverages are consumed in Britain. But some are exported. Scotch whisky has a large world market. Other Britain industries manufacture bricks and cement, furniture, leather goods, glassware, and paper.

Britain imports about a third of its good supply. The imports include avocados, banana, oranges, peppers, pineapples, and other items that cannot be easily grown in Britain’s climate.

The United Kingdom has about 240,000 farms. About two-thirds of Britain’s farmers own the farms on which they live. The rest rent their farms. About half the people who operate or work on farms do so on a part-time basis. Many British farmers practice mixed farming – that is, they raise a variety of crops and animals.

Britain’s most important crops are barley, potatoes, sugar beets, and wheat.
Sheep are Britain’s chief livestock. Farmers in almost every part of the country raise sheep for meat and wool.

The United Kingdom is a major world producer of petroleum, coal, and natural gas. These three fuels account for about 85 percent of the value of total mineral production in the country. Petroleum is Britain’s most valuable mineral.

Britain’s largest coal-mining region lies near the River Trent in central England. Coal from this area is an important source of fuel for the country’s electric power plants. Britain obtains natural gas from deposits below the North Sea.

The United Kingdom ranks as a leading trading nation. Britain exports aerospace equipment, chemicals and pharmaceuticals, machinery, motor vehicles, petroleum, and scientific and medical equipment. Its imports include chemicals, clothing, foods (especially fish, fruit, vegetables, meat, coffee, and tea), machinery, metals, motor vehicles, paper and newsprint, petroleum products, and textiles.

Most of the United Kingdom trade is with other developed countries. France, Germany and the United States are Britain’s leading customers and suppliers.

Roads and railways carry most passenger and freight traffic within the United Kingdom.

Britain has a large merchant fleet.

British Airways, the United Kingdom’s largest airline, operates flights to all parts of the world.

Britain has about 100 daily newspapers. The leading papers include The Times, The Guardian, The Daily Telegraph and The Independent.

The British Broadcasting Corporation (BBC), a public corporation, provides commercial-free radio and television service.

The British Post Office provides many services in addition to handling mail.