I GENERAL OVERVIEW OF UK’S ECONOMY - In the past, the UK was one of the most globalized economies in the world In the 18th century the UK was the first country to industrialize and it had a dominant role in the global economy, accounting for 9.1% of the world's GDP in 1870 - At present, the economy of the United Kingdom is a highly developed social market and market-orientated economy It is the fifth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and twenty first-largest by GDP per capita, constituting 3.3% of world GDP - GDP: Around $2,825 billions (2018) (the world's fifth-largest economy) - GDP per capita: Around 48,300 $ (21st) - According to the World Bank, OECD 2018, The United Kingdom has become the world's fifth-largest economy by nominal gross domestic product (GDP) (With GDP reaching about 2,825 billions US dollars), and the tenth-largest by purchasing power parity (PPP) =>> It has a highincome economy - It has a very high human development index rating, ranking 13th in the world Today the UK remains one of the world's great powers having big ìnfluences on considerable economic, cultural, military, scientific, technological and political influence internationally The proportion of the economic sectors (2016): Agriculture: 0.6% GDP Industry: 19,2% GDP Service: 80,2% GDP II THE STRUCTURE OF TRADE AND INDUSTRY The 'modernization' of business and industry happened later in Britain than it did in most other European countries British agriculture was very successful In this industry, large scale organization (i.e big farms) had been more common in Britain than in other European countries for quite a long time As in all European countries, the economic system in Britain is a mixture of private and public enterprise By 1980, 'pure' capitalism probably formed a smaller part of the economy than in any other country in western Europe From 1980 the trend started going in the other direction Between 1980 and 1988, more shareholders in the country than there were members of unions In addition, local government authorities were encouraged to “contact out” their responsibility for the services to commercial organizations The privatization of the services has necessitated the creation of various public “watchdog” organizations with regulatory powers over the industries which they have monitor • A quick look at the UK structure of trade and industry today 2.1 Agriculture Agriculture in the UK is intensive, highly mechanized 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 Gross value added 2.2 Construction The construction industry of the United Kingdom contributed a gross value of more than 110 billion (7% GVA) to the UK economy in 2020 This industry accounts for approximately million jobs with 282 000 businesses And a quarter of construction output is public sector and three-quarters is private sector 2.3 Manufacturing The manufacturing sector is hugely important for the UK economy, trade and investment UK manufacturing employment stands at over 2.7 million people and manufacturing accounts for nearly half of all UK exports Manufacturing also contributes 10% of all Gross Value Added 3.4 Services The service industries include the retail sector, the financial sector, the public sector, business administration, leisure and cultural activities In 2019, the service industries accounted for 81,4% of total UK economic output (Gross Value Added) with about more than 23000 firms Services accounted for 81% of workforce jobs in April-June 2020 https://drive.google.com/file/d/16mL_qr5aVWVbul7hvPcZDd1S4RFl SAkM/view https://en.wikipedia.org/wiki/Economy_of_the_United_Kingdom https://www.britannica.com/place/United-Kingdom/Economy https://commodity.com/data/uk/ Conclusion: - The UK is one of the top countries with the most developed economies in the world, with a high standard of living - The UK's commercial and economic structure is extremely diverse, developing across all sectors