uk country report
TRANSCRIPT
MARKET RESEARCH COUNTRY REPORT
UK
CONTENTS
Main Industry SectorsEconomic OverviewForeign Direct Investment [FDI]FDI Government MeasuresCountry Strong PointsCountry Weak PointsForeign Trade Overview
MAIN INDUSTRY SECTORS
The Agricultural sector accounts for less than 1% of the GDP, but is very productive.
Main crops are potatoes, beetroot, wheat and barley.
Livestock farming (especially sheep and cattle) continues to be a major agricultural activity, despite the
crises of "mad cow" and "foot and mouth" diseases.
The fishing sector is also well developed but is currently suffering from the depletion of fish volumes in
the traditional fishing areas.
The United Kingdom has considerable mineral resources.
Once the world's 10th biggest oil producer with huge natural gas reserves, its production is dropping
fast.
Groups like BP and Shell continue to be amongst the global leaders in the petroleum industry.
MAIN INDUSTRY SECTORS
The secondary sector is not very competitive.
The main activities are tool machinery, transport material and chemical products.
The sectors with a good potential are information and communication technologies,
bio-technology, aviation industry, renewable energies and defence.
The services sector, which employs three quarters of the active population and
contributes three quarters of the GDP, is the driving force behind the economy.
London remains Europe's largest financial market place, on par with New York.
ECONOMIC OVERVIEW
The United Kingdom is the seventh global economy.
The country has been going through a deep recession, deeply hit by the international
financial crisis, due to the dominance of the third (financial) sector over its economy in
April 2008.
After contracting by almost 5% in 2009, the GDP growth recovered slowly in 2010, rising
to 1.7% according to estimates.
Growth should remain slow in the coming years.
The crisis has damaged the country's public finances.
ECONOMIC OVERVIEW
Aid to the financial sector and fiscal stimulus measures have deepened the deficit and
increased the burden of public debt, the latter reaching record levels of 10% and 70% of GDP
respectively.
The government's priority is therefore to improve the budgetary situation.
UK reform measures have been announced, notably regarding the educational system, social
security, pension system, financial regulation, taxation, etc.
The unemployment rate, before one of the lowest in Europe, has been rising sharply since the
crisis and is estimated at around 8%.
FOREIGN DIRECT INVESTMENT [FDI]
World Investment Report 2010 of the United Nations Conference on Trade and Development
(UNCTAD), the United Kingdom is the fifth highest recipient of direct foreign investment (FDI) in the
world.
In 2008-2009, FDI flow was on the decline and this trend should continue in the coming years.
FDI flux decreased sharply since the international financial crisis and should remain low in the coming
years.
The UK nevertheless has real strengths: London still seems to be Europe's financial capital.
Great Britain has a strong currency and one of the most important European markets.
FDI GOVERNMENT MEASURES
Once foreign companies are established in the UK, they are treated exactly like British
firms.
Within the EU, the British Government is a strong defender of any British registered
company's rights, irrespective of its nationality or the nationality of its owner
COUNTRY STRONG POINTS
One of the United Kingdoms main strong points is the speed of formalities: only thirteen days are
required to set up a company in the United Kingdom, compared to the European average of 32 days, which
puts the country in first place in Europe and sixth place in the world.
Low taxation makes the environment investor-friendly. London is the world's leader in terms of financial
services centers, on a number of key performance indicators and was once again voted best European city
by the European Cities Monitor, which studies the appeal of cities .
COUNTRY WEAK POINTS
The country's main weak points are: the financial sector's excessive influence on the GDP, poor
quality infrastructures and a high level of competitiveness from foreign companies in the
industrial sector.
FOREIGN TRADE OVERVIEW
The United Kingdom is one of the biggest actors of international trade.
Trade represents almost 60% of its GDP.
United Kingdom is the world's second biggest exporter and the third biggest importer of
commercial services, and the tenth biggest exporter and sixth biggest importer of goods.
The United Kingdom's main trade partners are the European Union, the United States and
China.
The United Kingdom shows a trade deficit: after an improvement during the global
recession, following a global drop in trade, the deficit has again worsened and this trend
should continue in the coming years.
RELATED UKREPORTS
Market Opportunities of products and Services in UK.
Export and investment sector opportunities in UK.
Overview of Trade Regulations, Customs and Standards UK.
UK Investment guide for beginners.
Business and Project Financing in UK.
Business Travel Advisory in UK.
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