The economy of the United Kingdom is the sixth-largest national economy in the world measured by nominal GDP and seventh-largest measured by purchasing power parity (PPP), and the third-largest in Europe measured by nominal GDP (after Germany and France ) and second-largest measured by PPP (after Germany). The UK's GDP per capita is the 20th highest in the world in nominal terms and the 17th highest measured by PPP. The British economy comprises (in descending order of size) the economies of the countries of England , Scotland , Wales and Northern Ireland. The UK is a member of the Commonwealth of Nations, the European Union, the G7, the G8, the G20, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank, the World Trade Organisation and the United Nations.
In the 18th century the UK was the first country in the world to industrialise , [12] and during the 19th century possessed a dominant role in the global economy. [13] From the late 19th century the Second Industrial Revolution in the United States and the German Empire presented an increasing challenge to Britain's role as leader of the global economy. Despite victory, the costs of fighting both the First World War and Second World War further weakened the relative economic position of the UK, and by 1945 Britain had been superseded by the United States as the world's dominant economic power. However the UK still maintains a significant role in the world economy.[14][15]
The UK is one of the world's most globalised countries.[16] London is the world's largest financial centre alongside New York[17][18][19] and has the largest city GDP in Europe.[20] As of December 2010 the UK had the
third-largest stock of both inward and outward foreign direct investment (in each case after the United States and France).[21][22] The aerospace industry of the UK is the second- or third-largest national aerospace industry, depending upon the method of measurement.[23][24] The
pharmaceutical industry plays an important role in the UK economy and the country has the third-highest share of global pharmaceutical R&D
expenditures (after the United States and Japan ). [25][26] The British economy is boosted by North Sea oil and gas reserves, valued at an estimated £250
[27]billion in 2007. The UK is currently ranked fourth in the world (and
first in Europe) in the World Bank's Ease of Doing Business Index. [7] The investment bank Goldman Sachs has predicted that the United Kingdom will become the largest economy in Europe by 2025.[citation needed].
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∙ o o o ∙ ∙ o o o o ∙ o ∙ ∙ o ∙ ∙ ∙ ∙ ∙ ∙ 1.2 Neoliberalism 1.3 Recent 3.2 Construction 3.3 Production industries 3.4 Service industries 3.4.5 Other social and personal services 3.4.10 Wholesale and retail trade 4.1 Exchange rates 6.1 Taxation and borrowing 8 Exports
The economy of Australia is a developed , modern market economy with a GDP of approximately US$1.8 trillion.[10] In 2011, it was the 13th largest national economy by nominal GDP[11] and the 17th largest measured by PPP adjusted GDP,[12] representing about 1.7% of the World economy. Australia was also ranked the 19th largest importer [13] and 19th largest exporter . [14]
Australia is a member of the APEC , G20, OECD and WTO organisations. Australia has also entered into free trade agreements with ASEAN , Chile , New Zealand, Singapore , Thailand , and the United States. [15] The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and there are now plans to form an Australasian Single Economic Market by 2015.[16]
The Australian economy is dominated by its service sector, representing 68% of Australian GDP. The agricultural and mining sectors (10% of GDP combined) [17] account for 57% of the nation's exports.[18] The Australian economy is dependent on imported crude oil and petroleum products, the economy’s petroleum import dependency is around 80% - crude oil +
[19]petroleum products.
The Australian dollar is the currency of the Commonwealth of Australia and its territories , including Christmas Island , Cocos (Keeling) Islands , and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati , Nauru and Tuvalu .
The Australian Securities Exchange is the largest stock exchange in Australia. Australia is home to some of the largest companies in the world including, BHP Billiton and Rio Tinto Group.
Contents
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∙ o o ∙ ∙ ∙ o o o ∙ o ∙ ∙ ∙ ∙ ∙ 1.2 Current areas of concern 4.2 Federal-state financial arrangements 4.3 Municipal taxation 5.1 Chinese investment
The economy of the United Kingdom is the sixth-largest national economy in the world measured by nominal GDP and seventh-largest measured by purchasing power parity (PPP), and the third-largest in Europe measured by nominal GDP (after Germany and France ) and second-largest measured by PPP (after Germany). The UK's GDP per capita is the 20th highest in the world in nominal terms and the 17th highest measured by PPP. The British economy comprises (in descending order of size) the economies of the countries of England , Scotland , Wales and Northern Ireland. The UK is a member of the Commonwealth of Nations, the European Union, the G7, the G8, the G20, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank, the World Trade Organisation and the United Nations.
In the 18th century the UK was the first country in the world to industrialise , [12] and during the 19th century possessed a dominant role in the global economy. [13] From the late 19th century the Second Industrial Revolution in the United States and the German Empire presented an increasing challenge to Britain's role as leader of the global economy. Despite victory, the costs of fighting both the First World War and Second World War further weakened the relative economic position of the UK, and by 1945 Britain had been superseded by the United States as the world's dominant economic power. However the UK still maintains a significant role in the world economy.[14][15]
The UK is one of the world's most globalised countries.[16] London is the world's largest financial centre alongside New York[17][18][19] and has the largest city GDP in Europe.[20] As of December 2010 the UK had the
third-largest stock of both inward and outward foreign direct investment (in each case after the United States and France).[21][22] The aerospace industry of the UK is the second- or third-largest national aerospace industry, depending upon the method of measurement.[23][24] The
pharmaceutical industry plays an important role in the UK economy and the country has the third-highest share of global pharmaceutical R&D
expenditures (after the United States and Japan ). [25][26] The British economy is boosted by North Sea oil and gas reserves, valued at an estimated £250
[27]billion in 2007. The UK is currently ranked fourth in the world (and
first in Europe) in the World Bank's Ease of Doing Business Index. [7] The investment bank Goldman Sachs has predicted that the United Kingdom will become the largest economy in Europe by 2025.[citation needed].
Contents
[hide ]
∙ o o o ∙ ∙ o o o o ∙ o ∙ ∙ o ∙ ∙ ∙ ∙ ∙ ∙ 1.2 Neoliberalism 1.3 Recent 3.2 Construction 3.3 Production industries 3.4 Service industries 3.4.5 Other social and personal services 3.4.10 Wholesale and retail trade 4.1 Exchange rates 6.1 Taxation and borrowing 8 Exports
The economy of Australia is a developed , modern market economy with a GDP of approximately US$1.8 trillion.[10] In 2011, it was the 13th largest national economy by nominal GDP[11] and the 17th largest measured by PPP adjusted GDP,[12] representing about 1.7% of the World economy. Australia was also ranked the 19th largest importer [13] and 19th largest exporter . [14]
Australia is a member of the APEC , G20, OECD and WTO organisations. Australia has also entered into free trade agreements with ASEAN , Chile , New Zealand, Singapore , Thailand , and the United States. [15] The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and there are now plans to form an Australasian Single Economic Market by 2015.[16]
The Australian economy is dominated by its service sector, representing 68% of Australian GDP. The agricultural and mining sectors (10% of GDP combined) [17] account for 57% of the nation's exports.[18] The Australian economy is dependent on imported crude oil and petroleum products, the economy’s petroleum import dependency is around 80% - crude oil +
[19]petroleum products.
The Australian dollar is the currency of the Commonwealth of Australia and its territories , including Christmas Island , Cocos (Keeling) Islands , and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati , Nauru and Tuvalu .
The Australian Securities Exchange is the largest stock exchange in Australia. Australia is home to some of the largest companies in the world including, BHP Billiton and Rio Tinto Group.
Contents
[hide ]
∙ o o ∙ ∙ ∙ o o o ∙ o ∙ ∙ ∙ ∙ ∙ 1.2 Current areas of concern 4.2 Federal-state financial arrangements 4.3 Municipal taxation 5.1 Chinese investment