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Britain economy is regarded as one of the leading economies in the world. The economic condition in Britain is better than a number of major international economic forces, including France, Japan and Canada. The economy of Britain is primarily dependent on agriculture, service and the energy sector.
According to a survey report, Britain bears the sixth most competitive economy in the world. Britain is also considered as one of the leading industrialized countries in the world. On 26th November, 2007, at 10, Downing Street, the British Prime Minister Gordon Brown opined that Britain can be one of the world leaders of the 21st century.
Britain Industry
Great Britain economy is principally based on industries like banking and finance, oil and gas, tourism, and transport equipment. Some of the other major industries in Great Britain include, machine tools, electric power equipment, automation equipment, shipbuilding, metals, aircraft, motor vehicles and parts, electronics and communications equipment, chemicals, petroleum, coal, paper products, textiles, clothing, food processing and other consumer goods.
The Economy of Britain
The economy of Britain is primarily influenced by agriculture, service, and the energy sector. In 2001, the total labor force in Britain was 29.7 million. By occupation, 1.4% of the labor force was engaged in agriculture sector, 18.2% was engaged in industial sector and 80.4% was engaged in services sector.
Private enterprises play a major role behind the growth of Britain economy, which accounts for about four-fifths of both employment and output. In 2003, the unemployment rate in Britain was 5.1%. For the last couple of year, Britain is experiencing a steady and continuous growth rate as well as low inflation.
Agriculture: Britain agriculture is highly mechanized and contributes an appreciable portion to the overall economy of Britain that accounts for 0.5% of the total GDP (Gross Domestic Product) of the country. The main agricultural products in Britain include, cereals, potatoes, wheat, oilseed and vegetables. The major types of livestock include, sheep, cattle, poultry and fish.
Energy: Britain is rich in minerals that primarily include, coal, oil reserves and natural gas. The energy production in Britain contributes about 10% of the overall GDP of the country.
Services: The Britain service sector is primarily dependent on banking, business services and insurance. The service sector accounts for the major portion to the overall GDP of the country.
Statistical Data on Britain Economy
GDP and Real GDP growth rate
In 2003, the GDP in Britain was 1,825.8 US$ bn and the real GDP growth rate was 2.8 percent.
In 2004, the GDP in Britain was 2,168.3 US$ bn and the real GDP growth rate was 3.3 percent.
In 2005, the GDP in Britain was 2,243.6 US$ bn and the real GDP growth rate was 1.8 percent.
In 2006, the GDP in Britain was 2,395.5 US$ bn and the real GDP growth rate was 2.8 percent.
In 2007, the GDP in Britain was estimated to 2,759.1 US$ bn and the real GDP growth rate was estimated to be 3.0 percent.
Britain Export
In 2005, the total export of goods: 384.3 US$ bn
In 2006, the total export of goods: 450.3 US$ bn
In 2007, the total export of goods was estimated to 415.6 US$ bn
Britain Import
In 2005, the total import of goods: 509.4 US$ bn
In 2006, the total import of goods: 604.2 US$ bn
In 2007, the total import of goods: 595.6 US$ bn
Britain Trading Partners
Britain maintains excellent trade relationships with neighboring countries and exports goods to the leading countries including, the US, France, Germany, Ireland, Netherlands and other countries of European Union. Britain imports goods from the leading countries like Germany, France, US and Netherlands.
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