Economy of the United Kingdom
The UK economy is made up of the economies of England, Scotland, Wales and Northern Ireland. According to market exchange rates, the United Kingdom is today the fifth largest economy in the world and the second largest in Europe after Germany.
The Industrial Revolution started in the United Kingdom with an initial concentration on heavy industries such as shipbuilding, coal mining, steel production, and textiles. The empire created an overseas market for British products. It allowed the UK to dominate international trade in the 19th century. However, as other nations industrialized, coupled with 1 economic decline after two world wars, the United Kingdom began to lose its competitive advantage and heavy industry declined throughout the 20th century. Manufacturing remains a significant part of the economy, but accounted for only one-sixth of national output in 2003. The British motor industry is a significant part of this sector, although it diminished with the collapse of the most of the foreign owned industry. Rolls-Royce holds a major share of the global aerospace engines market. The chemical and pharmaceutical industry is strong in the UK: the world's second and sixth largest pharmaceutical firms are based in the UK.
The UK service sector, however, is growing constantly, and now makes up about 73% of GDP 2. The service sector is dominated by financial services, especially in banking and insurance. London is the world's largest financial centre with the London Stock Exchange 3 and the London International Financial Futures and Options Exchange 4. All are based in the City of London. London is a major centre for international business and commerce and is the leader of the three "command centres" for the global economy (along with New York City and Tokyo). It has the largest concentration of foreign bank branches in the world. The Scottish capital, Edinburgh, has one of the largest financial centres of Europe and is the headquarters of the Royal Bank of Scotland, one of the world's largest banks.
North Sea oil and gas supply most of the UK's energy needs.
Tourism is very important to the British economy. Over 27 million tourists are regularly arriving in the UK, the United Kingdom is ranked as the sixth major tourist destination 5 in the world. London is the most visited city in the world with 15.6 million visitors in 2006.
The United Kingdom's agriculture sector accounts for only 0.9% of the country's GDP. The UK has a small coal reserve, yet its natural gas and oil reserves are continuously declining. Over 400 million tons of coal reserves were identified in the UK. In 2004, total UK coal consumption was 61 million tons. It allowed the UK to be self sufficient in coal for just over six years.
Notes:
1. coupled with – в добавок к
2. GDP = Gross Domestic Product - валовый внутренний продукт (ВВП)
3. the London Stock Exchange – Лондонская фондовая биржа
4. the London International Financial Futures and Options Exchange – Лондонская международная биржа финансовых фьючерсов и опционов
5. destination – зд.: центр
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