UK Profile Part Two: Economy

Statistics:

1.       GDP: $2.38 trillion

2.       GDP Per Capita: $39,941

3.       Life Expectancy: 80.75 years

4.       Poverty Rate: 14%

5.       Literacy Rate: 99%

6.       Unemployment Rate: 7.1%

7.       Inflation: 1.7%

Resources:

1.       Natural Resources: In general the UK has a temperate climate; however there is significant variation depending on region. More than 50% of the days are overcast and it rains over 100 days per year. Yet, it is significantly warmer than other countries of similar latitude such as Newfoundland. Agriculture physically in the UK produces 60% of their food needs while using only 1% of the labor force and contributing 2% to GDP. The growing season varies year to year but averages around 252 days per year. The largest rivers in the UK are the River Severn, the River Thames, the River Tay, the River Bann, and the River Tywi. The largest lochs and lakes include Lough Neagh, Loch Lomond, Windermere, and Llyn Tegid. The UK has a large variety of natural resources. Fossil fuels such as oil, coal, and natural gas and metals such as tin and lead are all mined in the UK.

2.       Labor: The population of the UK is 63.23 million. The labor force participation rate is 62% giving a UK labor force of 39.20 million people. The education system varies from country to country located within the UK, so for this part I will focus on England specifically. Full time education is mandatory from the ages of 5 to 17, which should get the student through a significant portion of secondary school. After which comes tertiary school, typically a three year bachelor’s degree. There is state provided education paid for with taxes, but independent schooling is also available and parents are able to educate their kids in whatever manner they want.

3.       Capital: The UK has several large industries. These include mining, construction, manufacturing, real estate, and a huge financial sector. London is one of three command centers of the global economy. There are over 500 banks in London and it is one of the leaders in international banking.