The United Kingdom Economy

The United Kingdom is one country that has always amazed me I mean this is a country that when it comes to industrialisation they were the first.

And also played a major role in the global economy through colonizing many countries and Territories. Therefore They are one of the most globalised economies and they are made up of England, Scotland, Wales and Northern Ireland. Although they lost their influence on the world to the United States and also had the USD replace the GBP when it comes to Global currency.

The United Kingdom is one of the konk capitalist countries and has the sixth largest Economy in the world with a GDP of $3.7 Trillion and therefore a significant member of the G7 and G-20 trade organizations. They have a huge population of Almost 68 million of which 21% are below the poverty line with a reasonable unemployment rate of 4.3 % and have managed to keep inflation at 1.7%.

Their economy is mostly controlled by the service sector which accounts for over 80% of their GDP and has one of the most valuable technological sectors just behind the United States and China and has the second-largest national aerospace industry.

Their main export consists of Cars, Power generators, Medicinal and pharmaceutical products, Crude oil, Refined oil, Aircraft, Scientific instruments, Beverages and tobacco, and Non-ferrous metals to countries like the United States which accounts for 21% of their export, Germany, Ireland, Netherlands, France, China and over 13 other countries.

And import goods like Cars, Refined oil, Crude oil, Power generators, Medicinal and pharmaceutical products, Gas, Miscellaneous electrical goods, Telecoms and sound equipment, Clothing from countries like the United States, Germany, Netherlands, France, China and over 14 other countries.

The United Kingdom really does business with lots of countries.