Blog Post – British Economy

The industrialized country of England is the largest economy of all countries in the United Kingdom. Contributing the the GDP in the United Kingdom, its strong suits and driving factors are services, manufacturing, construction & tourism. Before the 18th century, England was mainly an agricultural economy until the Industrial Revolution occurred where it then progressed into a highly urbanized and industrial region of the 18th and 19th century. England transformed into a heavy manufacturing powerhouse; distributing iron, steel, textiles & shipbuilding etc. When the Great Depression hit in the 1930s, foreign competition led to a decline in the production of goods, therefore increasing unemployment throughout the country. The country then recovered by adapting more automotive, chemical, electrical and machine tool manufacturers as the leading industries. In the 20th century, population and urban growth increased and let to a significant decrease in the amount of acreage of farms in England. Despite all the industrial growth over the past three centuries, there are still some countries that continue to maintain heavily agricultural to this day. In 2018, the United Kingdom held a booming gross domestic product (GDP) of $2.8 trillion with a population measured at 66 million. The United Kingdom uses what is called the British Pound, 100 pence makes up £1 pound and a pound it roughly equal to the value of the US dollar. With a diverse economy, the quality of life is considered to be measurably high while the unemployment rate currently stands at 7.6% and continues to maintain an upward growing economy.

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