The UK is a leading trading power and an important financial centre: it is one of the elite quartet of trillion dollar economies in western Europe. Services – particularly banking, insurance and business services – account for the lion’s share of British GDP. Industry is declining in importance, but 25% of the British workforce are still employed in this sector. Agriculture is the smallest contributor to the GDP with only 1.4%. But the sector is highly mechanized and produces about 60% of British food needs using less than 2% of the total workforce. Finally, primary energy production accounts for 10% of the GDP as the UK has large coal, natural gas and oil reserves.
Growing and lucrative sectors
- Medical treatment and primary health care are potentially lucrative sectors. These needs can but increase in the coming years, as there is a rapidly growing number of elderly people.
- The aviation industry expects continued growth in the coming years.
- The UK has the largest amount of coal, oil and gas in the European Union. As a consequence, primary energy production holds considerable promise for the future.
- Favourable trends are noticeable too in the building sector. This also opens new perspectives for the housing sector.
Exports: 416.3 billion euros
- Commodities: manufactured goods, fuels, chemicals, food, beverages and tobacco
- Main trading partners: USA 15%, Germany 10.7%, France 9.2%, Ireland 6.8%, the Netherlands 6.1%, Belgium 5.2%, Spain 4.5% and Italy 4.2%
Imports: 465.3 billion euros
- Commodities: manufactured goods, machinery, fuels and foodstuffs
- Main trading partners: Germany 13%, USA 9.2%, France 7.5%, the Netherlands 6.6%, Belgium 5%, Italy 4.3% and China 4.2%
Useful facts
GDP: 1,650 billion euros
Growth rate of GDP: 3.2%
Inflation rate: 1.4%
Labour force: 29.78 million
Unemployment rate: 4.8%
