The Economy of Great Britain Prepared: Veronika Yakovleva Group 18
Since the industrial revolution, the UK was one of the leading industrial countries. However, two world wars and the collapse of the empire dealt a major blow to the country's economic positions. After the Second World War, the economic recovery has taken about 40 years. Increased competitiveness promoted by the introduction into the European Community in 1973. In 1980, a mass privatization of formerly nationalized industries.
UK Economy - 8 th economy in the world in terms of GDP PPP (in 2012). Engineering and transportation, industrial goods and chemicals are the main exports of Great Britain. Since 70's, oil production is not only possible to reduce imports of petroleum products, but also brought a substantial profit in the trade. Through London is the largest amount of insurance operations and international operations of reinsurance. In the British capital is concentrated the lion's share of the world stock market metals, oil and other strategic commodities.
For a long time the British currency - the pound sterling - dominated the world monetary system, using a pound of lead in international payments, the UK covers balance of payments deficit of the national currency.
The main imports are British: *metal ores, except iron ore, *food. The main export items are: *China, *cars and other vehicles, *wood products, *steel, *electrical and mechanical machinery, *tractors, *scientific instruments, *chemicals, *oil.
The services sector in the UK, accounting for about two thirds of GDP. It bulk (about 40%) belongs to business and financial services. The share of public services is 35%, trade - 19%. Hotel services occupy - 5% of the entire market. Turnover in the UK services sector in 2006 amounted to 221. 5 billion f. st. , its growth over the previous year - 8. 4%. Foreign Trade The UK has a positive balance (17. 2 mlrd. f. st. ).
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