Uk Economy: Sectors and Industries

The United Kingdom is a major developed capitalist economy. It is the world's sixth largest by nominal GDP and the seventh largest by purchasing power parity.

Manufacturing remains a significant part of the economy, but accounts for only one-sixth of national output. The sector is still important for overseas trade, accounting for 83% of exports.

Heavy industry, employing many thousands of people and producing large volumes of low-value goods has either become highly efficient or has been replaced by smaller industrial units producing high-value goods.

The British motor industry is a significant part of this sector.

. Civil and defence aircraft production is led by the second largest defence contractor in the world, BAE Systems.

Another important component of manufacturing is electronics, audio and optical equipment, with producer : range of TV, radio and communications products, scientific and optical instruments, electrical machinery and office machinery and computers.

The chemical and pharmaceutical industry is strong in the UK.

The UK service sector is the prevalent sector of the UK economy and now makes up about 73% of GDP.

It’s dominated by financial services. London is the world's largest financial centre.

Agriculture is intensive, highly mechanised, and efficient by European standards, producing about 60% of food needs with less than 2% of the labour force. It contributes about 2% of GDP. Around two-thirds of production is devoted to livestock, one-third to arable crops. The main crops that are grown are wheat, barley, oats, oilseed rape, maize for animal feeds, potatoes and sugar beet.

The main livestock cattle, chickens.

Economy: Past and Present

The UK was the first country in the world to industrialize in the 18th and 19th centuries, and for much of the 19th century possessed a predominant role in the global economy.

The extensive war efforts of both World Wars in the 20th century and the dismantlement of the British Empire also weakened the UK economy in global terms.

At the start of the 21st century however, the UK still maintains an important role in the world.

A new period of neo-liberal economics began with the advent of the government of Margaret Thatcher of 1979. Most state-owned enterprises in the industrial and service sectors, which since the 1940s had been nationalised, were privatised.

After a mild recession in the early 1990s, there followed the longest period of sustained economic growth.

This boom ended in 2008 when the United Kingdom entered a recession brought about by the global financial crisis.

In 2008, the uk had the world's third largest current account deficit , deficit in the trade in manufactured goods.

Today the United Kingdom is one of the world's most globalised countries .

The United Kingdom is also a member of the G8, the Commonwealth of Nations, the Organisation for Economic Cooperation and Development, the World Trade Organisation, and the European Union.

BELARUSIAN ECONOMY

THE STRUCTURE OF BELARUSIAN ECONOMY

The economy of Belarus is characterized by growth and steady performance.

WORKFORCE

About 4,5 million people contribute to the economy.

Belarus’ population is mostly employed in industry (about 26% of total employment).

Belarus’ greatest natural resource is its geographical location. We have large forest and water reserves.

Belarus’ greatest natural resource is its geographical location. We have large forest and water reserves.

Belarus possesses the world’s largest reserves of potassium salts for production of potash fertilizers, and peat, that are mainly exported. Among the other minerals are food salt, construction materials and small deposits of gold and diamonds.

Due to its comparatively low reserves of strategic resources such as iron ore, coal, petroleum and natural gas, Belarus has historically specialised in processing.