Exporting

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The United Kingdom has historically played a leading role in developing parliamentary democracy and in advancing literature and science. At its zenith in the 19th century, the British Empire stretched over one-fourth of the earth's surface. The first half of the 20th century saw the UK's strength seriously depleted in two world wars and the Irish Republic's withdrawal from the union. The second half witnessed the dismantling of the Empire and the UK rebuilding itself into a modern and prosperous European nation. As one of five permanent members of the UN Security Council and a founding member of NATO and the Commonwealth, the UK pursues a global approach to foreign policy. The Scottish Parliament, the National Assembly for Wales, and the Northern Ireland Assembly were established in 1998. The latter was suspended from October 2002 until May 2007 due to wrangling over the peace process.

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

Natural Resources

coal, petroleum, natural gas, iron ore, lead, zinc, gold, tin, limestone, salt, clay, chalk, gypsum, potash, silica sand, slate, arable land

Population - distribution

the core of the population lies in and around London, with significant clusters found in central Britain around Manchester and Liverpool, in the Scottish lowlands between Edinburgh and Glasgow, southern Wales in and around Cardiff, and far eastern Northern Ireland centered on Belfast

62348447
English
LONDON (capital) 10.313 million; Manchester 2.646 million; Birmingham 2.515 million; Glasgow 1.223 million; Southampton/Portsmouth 882,000; Liverpool 870,000 (2015)
Conventional long form
United Kingdom of Great Britain and Northern Ireland; note - the island of Great Britain includes England, Scotland, and Wales
Conventional short form
United Kingdom
Local long form
Local short form
parliamentary constitutional monarchy; a Commonwealth realm
Name
London
Geographic coordinates
51 30 N, 0 05 W
Time difference
UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. 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 coal, natural gas, and oil resources, but its oil and natural gas reserves are declining; the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output.
Inflation
0.642%
Total tax rate (% of commercial profits)
30.9%
Real Interest Rate
-1.127%
Manufacturing, value added (% of GDP)
9.691%
Current Account Balance
US$ -115,527,290,484
Labor Force, Total
33,881,982
Employment in Agriculture
1.13%
Employment in Industry
18.53%
Employment in Services
79.65%
Unemployment Rate
4.85%
Imports of goods and services
US$ 785,359,078,615
Exports of goods and services
US$ 735,640,895,348
Total Merchandise Trade
39.91%
FDI, net inflows
US$ 299,665,238,411
Commercial Service Exports
US$ 329,119,993,138
cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish
machine tools, electric power equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, textiles, clothing, other consumer goods
Commodities
manufactured goods, fuels, chemicals; food, beverages, tobacco
Partners
US 14.6%, Germany 10.1%, Switzerland 7%, China 6%, France 5.9%, Netherlands 5.8%, Ireland 5.5% (2015)
Commodities
manufactured goods, machinery, fuels; foodstuffs
Partners
Germany 14.8%, China 9.8%, US 9.2%, Netherlands 7.5%, France 5.8%, Belgium 5% (2015)
Country Risk Rating
A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average.
Business Climate Rating
A1
The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
  • Hydrocarbon production meeting three-quarters of energy needs
  • Advanced sectors (aerospace, pharmaceuticals, and automotive)
  • Low corporate taxes
  • Uncertainties about the implementation and impact of the decision to leave the EU
  • Economy's dependence on financial services
  • High level of public debt
  • Sizable private debt (especially property debt being 125% of disposable household income)

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