Theory Of Economic Cycle

Location
Western Europe, islands including the northern one-sixth of the island of Ireland between the North Atlantic Ocean and the North Sea, northwest of France.

Area
Total : 244,820 sq km
Land : 241,590 sq km
Water : 3,230 sq km
Note : Includes Rockall and Shetland Islands.

Major Stock Exchanges
London Stock Exchange
FTSE

Central Bank
Bank of England

CURRENT ECONOMIC DATA

POPULATION (2008)
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BRITISH POUND
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CENTRAL BANK RATE
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INFLATION RATE
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REAL GDP
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UNEMPLOYMENT RATE
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BALANCE OF TRADE
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FTSE 100
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ECONOMIC NEWS
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ECONOMIC CALENDAR
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Economy

The United Kingdom, a leading trading power and financial center, is one of the quintet of trillion dollar economies of Western Europe. Over the past two decades, the government has greatly reduced public ownership. It has contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force.

The UK has large natural gas, coal and oil reserves. Primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation. Services, particularly banking, insurance and business services, account by far for the largest proportion of GDP while industry continues to decline in importance.

Since emerging from recession in 1992, UK's economy has enjoyed the longest period of expansion on record. The growth has remained in the 2-3% range since 2004, outpacing most of Europe. The economy's strength has complicated the Labor government's efforts to make a case for Britain to join the European Economic and Monetary Union (EMU). Critics point out that the economy is doing well outside of EMU, and public opinion polls show a majority of Britons are opposed to the euro. The BROWN government has been speeding up the improvement of education, health services and affordable housing at a cost in higher taxes and a widening public deficit.

Agriculture Products

Potatoes, vegetables, cereals, oilseed ; sheep, cattle, poultry ; fish.

Industries

Electric power equipment, automation equipment, railroad equipment, machine tools, aircraft, motor vehicles and parts, shipbuilding, electronics and communications equipment, metals, chemicals, petroleum, coal, paper and paper products, food processing, clothing, textiles, other consumer goods.

Exports Commodities

Fuels, manufactured goods, chemicals; food, beverages, tobacco.

Exports Partners

US 13.9%, France 10.4%, Ireland 7.1%, Germany 10.9%, Netherlands 6.3%, Belgium 5.2%, Spain 4.5% (2006).

Imports Commodities

Machinery, fuels, manufactured goods, foodstuffs.

Imports Partners

US 8.9%, France 6.9%, Germany 12.8%, Netherlands 6.6%, China 5.3%, Norway 4.9%, Belgium 4.5% (2006).