Economical development of the UK

Great Britain is the country with high developed, strong and independent economy. Great Britain had recovered its economy nearly forty years after the Second World War. In 1973 Great Britain entered in European Community. Now this country is found in the first rows amongst developed countries on level of the increase production, capacity and competitiveness.

USA and Japan are the most significant trade partners to Great Britain, but Japanese companies often choose Great Britain as its base in Europe. Other developing countries of East Asia with export-oriented economy actively participate on open market of Great Britain. Thereby, Great Britain actively co-operates not only with countries – members of Commonwealth, but also with Europe, Asia and North America.

In 80s of last century large-scale privatization of state enterprises, which were nationalized at previous years took place. The average level of living also rose especially in the south-east part of the country, including London, and rich territory of the west and north. The jobless rate and inflations gradually were lowered, but remained enough high.

The country played the role of the world financial leader that, alongside with opening of sources of natural gas and oils in North Sea has reduced the dependency of the economy from more traditional sources of the energy. The significant efforts are undertaken to increase the labour productivity and competitiveness of goods and services.

The working population forms nearly half of the whole population in Great Britain. Some groups are occupied in their own business, other - in military sector and government. More than two third of working people are occupied in sphere of the services. Moreover the most of this amount work in financial sector. The smaller part of workmen is occupied in construction, power branches and agriculture.

The valuable natural resources on the territory of Great Britain are not so much. Such natural resources as lead and zinc satisfy need of the economy on half only. There are also chalk, lime, clay, sand, gypsum.

On the other hand, Great Britain possesses the greater resources of energy, including oil, natural gas and coal, than any country of the European Community.

The power stations as before consume the big amount of coal, but with growing of the competition on the part of alternative type of fuel coal mining remains in not best situation. The opening of oil resources in the North Sea has brought to rash development of oil industry.

The most important sectors in the industry are machine building, food industry (including production nonalcoholic and alcohol drinks), tobacco and chemical industry, paper and printed industry, light industry. Most quickly developing sector in industry became chemical, timber, furniture, rubber industry and production of plastic.

Less than two percents of the population in Great Britain are occupied in agriculture. The producers of beef and mutton are specially paid the extra to do their goods competitive on European market. From recently taken measures it is necessary to mention the restrictions on production of milk and compensations to farmers for wasted lands.

The most important cereals are a wheat, oats, rye. The much cereal goes on nourishment of the live-stock, however rest goes on production of bread, croups and etc.

The UK economy is the 5^th. economy in the world in terms of GDP, which is $ 2.849 trillion (dates of 2015).

Mechanical engineering and transport, industrial goods and chemicals are the main exports of Great Britain. Starting from the 70s, oil not only reduced imports of petroleum products, but also brought substantial profits in trade. British Petroleum is the largest industrial corporation and the second largest in Europe.

Britain carries 10% of world exports of services - banking, insurance, brokerage, advisory, as well as in the field of computer programming.

UK imports six times more manufactured goods than raw materials. The most significant exporter of the UK is the United States. Seven of the top ten suppliers of goods to the UK are from the European Union (EU).

The leading sector of the UK economy is the service sector (78,4% of GDP). Leading position in it takes its financial component, which determines the country's specialization in international economic relations. The second most important sector of the British economy is industry (21% of GDP), which is represented by two sub-sectors: construction (6,4%) and production (14,6%). Agriculture, which meets about two thirds of domestic needs in food, accounts for only 0,6% of GDP.

The economically active population of the UK is about 31.6 million people, that is 74,2% of the whole population.

The employed population is divided by sectors: in agriculture there is only 1,5%, in industry – 18,8%, and in services there is about 79,7% of population. The unemployment rate in the country in 2015 was of 5,1%, that was 1.7 million people. Inflation (CPI) in 2016 is of 0,3%. Population which lives below poverty line constitutes 15% in 2014.

Export of the United Kingdom was of $ 503 billion in 2014 and is about the same last years. The main export partners for the country are Germany (10,8% of the whole export), the US (about 10,4%), the Netherlands (8.1%), Switzerland (7.2%), France (6,5%), Ireland (6,4%), Belgium (4,5%).

Import of the country in 2014 was $ 802 billion. The main import partners are Germany (14.9% of the whole import), China (9%), the Netherlands (7.8%), the US (6.5%), France (6.1%), Belgium (5.2%), Italy (4.1%).

The United Kingdom is the member of The Group of Eight (Eng. Group of eight, G8). Group of Eight is the international club, bringing together governments UK, Germany, Italy, Japan, Russia, the USA, France and Canada. Also it is referred to as an informal forum, where the leaders of these countries (with the participation of the European Commission) coordinate the approaches to international problems.

The United Kingdom is also the member of G20. The Group of Twenty (officially: English. Group of Twenty Finance Ministers and Central Bank Governors) is the format of international meetings of finance ministers and central bankers representing 20 economies: the 19 largest national economies and the European Union (EU), provided by the State Chairman of the Council of the European Union. In addition, the representatives of the International Monetary Fund and the World Bank usually participate at the G20 meeting.

Countries, the members of G20: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, the USA, the European Union.