Economics of the UK

GDP (PPP):  $2.378 trillion

GDP per capita:  $37,300

Life Expectancy:  80.42 years

Poverty Rate:  14%

Literacy Rate:  99%

Unemployment Rate:  7.7%

Inflation Rate:  2.7%

reference:  https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html

The UK climate is temperate.  The climate is moderated by the southwest prevailing winds over the North Atlantic current.  More than one half of the days in the UK are overcast.  In the UK, each country averages anywhere from 30 to 60 inches of rainfall per year.  London, England is noted as a very dry area, with an average of just below 25 inches of rainfall per year.  Drought problems sometimes arise in England and Wales due to the low rainfall and high water consumption due to the fact that it is an extremely densely populated area.  The land is mostly low mountains and rugged hills, but the land levels to rolling hills in the east and southeast.  Almost 25% of the land is suitable for farming.  In the UK, the growing season starts once the temperature exceeds 41°F for 5 consecutive days, and ends once the temperature falls below 41°F for 5 consecutive days.  Natural resources include coal, petroleum, natural gas, iron ore, lead, zinc, gold, tin, limestone, salt, clay, chalk, gypsum, silica sand, and slate.  Major navigable rivers in the UK include the Humber, Mersey, Yorkshire Ouse, Severn, Thames, and Trent rivers.

The labor force of the UK is 32.32 million.  Separated into occupations, 1.4% are in agriculture, 18.2% are in industry, and 80.4% are in services.  In each of the countries in the UK there are five stages of education:  early, primary, secondary, further, and higher education.  Education is required from the age of 5 (4 in Ireland) through 16.  After this, both further and higher education is optional.  Higher education is that of colleges and universities.  The “National Curriculum” provides a framework for students in England and Wales from the ages of 5 to 18, in Scotland from the ages of 5 to 14, and in Scotland from the ages of 4 to 18 with a “common curriculum” under the Scottish Government.  The unemployment rate among youth (ages 15-24) is 21%.

With a very globalized economy, the UK has automobile, financial services, pharmaceutical, aerospace, oil, and gas industries.  The UK is the world’s largest financial center.  The leading center of automotive design and production, primarily of engines, the UK has around 2,600 component manufacturers.  Three main companies in the aerospace industry are Rolls Royce, BAE Systems, and GKN.  These companies are major suppliers to the Airbus project.  The UK also holds two of the main pharmaceutical companies in the world, AstraZeneca and GlaxoSmithKline.  Clearly, the UK holds the technology to provide the world with very crucial items used in our world today.