Overview of Britain: Overview of the UK’s economic development

Source: Wuzhou Study Abroad Font: Xiaoda Community Recommendation

The UK is rich in energy resources and ranks first among EU countries. First of all, it not only has a large amount of oil and natural gas resources, but also has abundant coal reserves. Steel and aluminum also have certain reserves. Coastal fishery resources are relatively abundant.

The UK's GDP ranks sixth among Western countries, behind the United States, Japan, Germany, France and Italy. Private enterprises are the mainstay of the British economy, accounting for 82% of GDP and 79% of total employment. Britain was the first capitalist country to begin the process of industrialization. The first industrial revolution first occurred in the United Kingdom; in 1850, the United Kingdom accounted for 39% of the world's total industrial output value and 21% of world trade, both occupying monopoly positions. During World War I, Britain's economic strength was severely damaged. A severe blow, Britain lost its 250-year maritime hegemony; after the Second World War, Britain's economic power was severely weakened, and the colonial market further shrunk; the high taxes, welfare and nationalization policies implemented in the late 1960s made Britain The economy is in an extremely difficult situation; however, the UK has a long history of industrial development and a relatively complete national economic system and industrial system, so it is still a country with strong economic strength in the world; in 1973, the UK joined the European Economic Community In 1979, the Conservative government headed by Margaret Thatcher began to deal with the "British disease", and its measures were as follows: Emphasizing the role of the market economy, reducing state intervention, tightening expenditures, lowering taxes, rectifying welfare, adjusting industry, canceling foreign exchange controls, and promoting privatization and monetarism policies have resulted in a significant recovery of the British economy; in recent years, the country's services The proportion of industry in GDP continues to increase, accounting for 71.1%, while the proportion of industry has gradually shrunk, accounting for only 27.1%; Britain is the third largest foreign investor in the world, and one of its major creditors, it is also the largest in the world One of the invisible trade import and export countries.

The British industrial base is steel manufacturing, heavy industry, cotton textiles, coal mining, and shipbuilding. The manufacturing industry is still an important part of the British industry; the industries mainly include steel products, aerospace, chemical industry, plastic products industry, textile, shoemaking, clothing and electronic instrument industry, motor vehicles and transportation equipment, energy supply, etc.; In addition, there have been outstanding developments in the fields of medicine, electronics (including computers), and aviation technology; in addition, foreign-invested enterprises in the UK have also become an important part of its economy.

The British service industry occupies an important position in the national economy. The commodity wholesale, retail, and hotel industries are very developed, and finance, insurance, etc. are in a leading position in the world; the output value of its service industry accounts for approximately 10% of the national product. It accounts for about 65% of the total value, and the number of employees accounts for 75% of the total employment, and is closely related to the industrial production sector.

The British agricultural population accounts for about 2.1% of the country’s total labor force, the agricultural products produced can meet 70% of the country’s food demand, and the agricultural output value accounts for 1.5% of the gross domestic product; the UK is livestock, food, agriculture A major exporter of chemicals and agricultural machinery; 77% of the land is used for farming. The main crops are wheat, barley, oats, potatoes, oilseeds, sugar beets, etc.; the main vegetables and fruits are mushrooms, carrots, celery, apples, strawberries, raspberries and Tomatoes, cucumbers, green peppers, etc. are cultivated in greenhouses; the British animal husbandry industry is developed and there are many livestock products. The quality of livestock products such as wool, cowhide, and dairy products is high, and the livestock product processing industries such as wool spinning, dairy product processing, and leather processing are also relatively developed. Fisheries can meet 60% of the country's needs. The main fish species include cod, plaice, haddock, flounder, silver carp and herring. The UK's forest area is 2.3795 million hectares, with a forest coverage rate of 10%.