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Economy Of The United Kingdom
The economy of the United Kingdom is a highly developed social market and market-orientated economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty second-highest by GDP per capita, constituting 3.3% of nominal world GDP. By PPP (purchasing power parity) terms, UK constitutes 2.34% of world GDP. The United Kingdom is one of the most globalised economies, and comprises England, Scotland, Wales and Northern Ireland. In 2020, the UK was the fifth largest exporter in the world and the fifth-largest importer. It also had the third-largest inward foreign direct investment, and the fifth-largest outward foreign direct investment. In 2020, the UK's trade with the 27 member states of the European Union accounted for 49% of the country's exports and 52% of its imports. The service sector dominates, contributing 81% of GDP; the financial services industry is par ...
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City Of London
The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the modern area named London has since grown far beyond the City of London boundary. The City is now only a small part of the metropolis of Greater London, though it remains a notable part of central London. Administratively, the City of London is not one of the London boroughs, a status reserved for the other 32 districts (including Greater London's only other city, the City of Westminster). It is also a separate ceremonial county, being an enclave surrounded by Greater London, and is the smallest ceremonial county in the United Kingdom. The City of London is widely referred to simply as the City (differentiated from the phrase "the city of London" by capitali ...
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Secondary Sector Of The Economy
In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction. This sector generally takes the output of the primary sector (i.e. raw materials) and creates finished goods suitable for sale to domestic businesses or consumers and for export (via distribution through the tertiary sector). Many of these industries consume large quantities of energy, require factories and use machinery; they are often classified as light or heavy based on such quantities. This also produces waste materials and waste heat that may cause environmental problems or pollution (see negative externalities). Examples include textile production, car manufacturing, and handicraft. Manufacturing is an important activity in promoting economic growth and development. Nations that export manufactured products tend to generate ...
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Construction Industry Of The United Kingdom
The construction industry of the United Kingdom is one of the major industry sectors in the UK economy, contributing about 6% of UK gross value added in 2019. In 2018, it was, by GVA, the sixth biggest construction sector in the world. Scale and composition Before the COVID-19 pandemic, the value of construction new work peaked at £119,087 million in 2019, dropping to £99,651 million in 2020. Of this total, new housing comprised £37,755 million of new work, infrastructure £22,517 million, and private commercial building £24,614 million. Public sector work (housing, infrastructure, other) accounted for 26% by value of new work in 2020. The construction sector employed around 2.1 million workers (1.4 million employed in just over 342,000 VAT/PAYE-registered businesses, plus 727,000 self-employed) in Great Britain in 2020, with a high proportion of small businesses: just over one million small/medium-sized businesses, mainly self-employed individuals, worked in the secto ...
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Automotive Industry In The United Kingdom
The automotive industry in the United Kingdom is now best known for premium and sports car marques including Aston Martin, Bentley, Caterham Cars, Daimler, Jaguar, Lagonda, Land Rover, Lister Cars, Lotus, McLaren, MG, Mini, Morgan and Rolls-Royce. Volume car manufacturers with a major presence in the UK include Honda, Nissan, Toyota and Vauxhall Motors (subsidiary of Opel, itself a subsidiary of Stellantis). Commercial vehicle manufacturers active in the UK include Alexander Dennis, Ford, IBC Vehicles (owned by Stellantis), Leyland Trucks (owned by Paccar) and London Electric Vehicle Company (owned by Geely). In 2018 the UK automotive manufacturing sector had a turnover of £82 billion, generated £18.6 billion in value to the UK economy and produced around 1.5 million passenger vehicles and 85,000 commercial vehicles. In that year around 168,000 people were directly employed in automotive manufacturing in the UK, with a further 823,000 people employed in autom ...
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Agriculture In The United Kingdom
Agriculture in the United Kingdom uses 71% of the country's land area, employs 1% of its workforce (467,000 people) and contributes 0.5% of its gross value added ( £11.2 billion). The UK currently produces about 60% of its domestic food consumption. Agricultural activity occurs in most rural locations. It is concentrated in the drier east (for crops) and the wetter west (for livestock). There are 216,000 farm holdings, which vary widely in size. Despite skilled farmers, advanced technology, fertile soil and subsidies, farm earnings are relatively low, mainly due to low prices at the farm gate. Low earnings, high land prices and a shortage of let farmland discourage young people from joining the industry. The average (median) age of the British farm holder is about 60 (as of 2016). Recently there have been moves towards organic farming in an attempt to sustain profits, and many farmers supplement their income by diversifying activities away from pure agriculture. Biofuels pre ...
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Aerospace Industry In The United Kingdom
The aerospace industry of the United Kingdom is the second-largest national aerospace industry in the world (after the United States) and the largest in Europe by turnover, with a global market share of 17% in 2019. In 2020, the industry employed 116,000 people. Domestic companies with a large presence in the British aerospace industry include BAE Systems (the world's fourth-largest defence contractor),SIPRI Top 100 Arms-Producing and Military Services Companies
SIPRI. Retrieved 2019-12-18.
, Co ...
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OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are high-income economies with a very high Human Development Index (HDI), and are regarded as developed countries. Their collective population is 1.38 billion. , the OECD member countries collectively comprised 62.2% of global nominal GDP (US$49.6 trillion) and 42.8% of global GDP ( Int$54.2 trillion) at purchasing power parity. The OECD is an official United Nations observer. In April 1948, t ...
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Office For National Statistics
The Office for National Statistics (ONS; cy, Swyddfa Ystadegau Gwladol) is the executive office of the UK Statistics Authority, a non-ministerial department which reports directly to the UK Parliament. Overview The ONS is responsible for the collection and publication of statistics related to the economy, population and society of the UK; responsibility for some areas of statistics in Scotland, Northern Ireland and Wales is devolved to the devolved governments for those areas. The ONS functions as the executive office of the National Statistician, who is also the UK Statistics Authority's Chief Executive and principal statistical adviser to the UK's National Statistics Institute, and the 'Head Office' of the Government Statistical Service (GSS). Its main office is in Newport near the United Kingdom Intellectual Property Office and Tredegar House, but another significant office is in Titchfield in Hampshire, and a small office is in London. ONS co-ordinates data collectio ...
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International Labour Organization
The International Labour Organization (ILO) is a United Nations agency whose mandate is to advance social and economic justice by setting international labour standards. Founded in October 1919 under the League of Nations, it is the first and oldest specialised agency of the UN. The ILO has 187 member states: 186 out of 193 UN member states plus the Cook Islands. It is headquartered in Geneva, Switzerland, with around 40 field offices around the world, and employs some 3,381 staff across 107 nations, of whom 1,698 work in technical cooperation programmes and projects. The ILO's standards are aimed at ensuring accessible, productive, and sustainable work worldwide in conditions of freedom, equity, security and dignity. They are set forth in 189 conventions and treaties, of which eight are classified as fundamental according to the 1998 Declaration on Fundamental Principles and Rights at Work; together they protect freedom of association and the effective recognition of the ri ...
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List Of Countries By Inequality-adjusted HDI
This is a list of countries by inequality-adjusted Human Development Index (IHDI), as published by the UNDP in its 2022 Human Development Report. According to the 2016 Report, "The IHDI can be interpreted as the level of human development when inequality is accounted for," whereas the Human Development Index itself, from which the IHDI is derived, is "an index of potential human development (or the maximum IHDI that could be achieved if there were no inequality)." Methodology The index captures the HDI of the average person in society, which is less than the aggregate HDI when there is inequality in the distribution of health, education and income. Under perfect equality, the HDI and IHDI are equal; the greater the difference between the two, the greater the inequality. The IHDI, estimated for 151 countries (includes the world and other 150 specific countries), captures the losses in human development due to inequality in health, education and income. Losses in all three dim ...
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List Of Countries By Human Development Index
The United Nations Development Programme (UNDP) compiles the Human Development Index (HDI) of 191 nations in the annual Human Development Report. The index considers the health, education and income in a given country to provide a measure of human development which is comparable between countries and over time. The HDI is the most widely used indicator of human development and has changed how people view the concept. However, several aspects of the index have received criticism. Some scholars have criticized how the factors are weighed, in particular how an additional year of life expectancy is valued differently between countries; and the limited factors it considers, noting the omission of factors such as the levels of distributional and gender inequality. In response to the former, the UNDP introduced the inequality-adjusted Human Development Index (IHDI) in its 2010 report, and in response to the latter the Gender Development Index (GDI) was introduced in the 1995 repo ...
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United Nations Development Programme
The United Nations Development Programme (UNDP)french: Programme des Nations unies pour le développement, PNUD is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development. Headquartered in New York City, it is the largest UN development aid agency, with offices in 170 countries. The UNDP emphasizes developing local capacity towards long-term self-sufficiency and prosperity. It administers projects to attract investment, technical training, and technological development, and provides experts to help build legal and political institutions and expand the private sector. The UNDP operates in 177 countries and is funded entirely by voluntary contributions from UN member states. Also, UNDP is governed by a 36-member executive board overseen by an administrator, who is third-highest ranking UN official after the Secretary-General and Deputy Secretary-General. Founding The UNDP was founded on 22 Nove ...
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