- Resources - Natural resources, labor and capital reflects what a nation can produce, or its potential productive capacity. This is reflected in national income; however, a nation is not always functioning at its potential, which is why the actual number of national income is also measured.
Natural resources of the UK include coal, oil, natural gas, petroleum and iron ore, which form the backbone of the country’s industry of auto production, steel manufacturing and ship building. Other resources include: zinc, lead, gold, tin, limestone, salt, clay, chalk, gypsum and silica. The climate of the UK is mild with rainfall throughout the year. Winters are mild and wet and the summers are the warmest in the south. The Gulf Stream crosses the Atlantic Ocean and warms the country, making the winters milder than other European countries. Fishing is profitable along the shores of the UK and nearly 25% of the country has arable land.
Natural resources are being used up and industry is changing to cleaner forms of energy. Therefore, many people who once had jobs in mining and manufacturing are being restrained for jobs in service industries. Of the approximately 31 million workers in the UK (2011 est.) 80% of the people work in service industries (tourism, health care, education, banking & insurance), 18% in industry and 1% in agriculture. Gross fixed capital formation 44,696 euros.
- International Trade - The UK’s location makes it ideal for trade as France is across the English Channel, the Republic of Ireland is to the west and the Scandinavian Peninsula. Moreover, its location on the Atlantic Ocean helps its trade with the U.S.
In 2011, the UK exported $495.4 billion in goods. Export commodities include manufactured goods, fuels, chemicals, food, beverages and tobacco. It’s export partners include the U.S. (11.4%), Germany (11.2%), Netherlands (8.5%), France (7.7%), Ireland (6.8%) and Belgium (5.4%). In the same year, the UK imported $694.9 of goods. The import commodities include manufactured goods, machinery, fuels and foodstuffs. The import partners are: Germany (13.1%); China (9.1%); Netherlands (7.5%); France (6.1%); US (5.8%); Norway (5.5%); and Belgium (4.9%). The exchange rate, British pounds per US dollar, is .6176.
- National Income Accounts - The income, expenditure and output measures of GDP are produced as part of the UK National Accounts. They measure the total income of all economic agents in the UK along with their expenditure and values and volumes of output (or production).
The four quarter sum of consumer spending for 2011 is $11.7 trillion. The gross fixed investment in 2011 was estimated to be 14.4% of GDP. Investment reflects total business spending on fixed assets, like factories, machinery, equipment, dwellings, and inventories of raw materials, which provide the basis for future production. Thus, the UK’s investment spending ranks it at 167 in comparison to other world nations and the percentage of investment spending compared to the nation’s overall GDP. The 2011 government spending is estimated at $921.7 billion. This includes money for pensions, health care, education, defense, welfare, protection, transport, and general/other spending, as well as interest.
Sources:
http://www.ukpublicspending.co.uk/uk_year2011_0.html
https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html
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