Pioneer in the Economy: Great Britain

England is the largest and most central of the four countries on the island of Great Britain, located in western Europe. Bordering Wales and Scotland, the country also has a coastline along the English Channel. The Channel Tunnel connecting France and England forms part of the transportation link between the two countries, with the Franco-English border running through the midpoint of the Channel. The country lacks significant mountain ranges, and thanks to the Gulf Stream ocean current, its seasons are relatively mild. As reflected in its capital, London is the country's most developed city. The Port of Poole is the country's only natural harbor, ranking second globally only after Sydney Harbor in Australia.

Economic Pioneer

With a GDP of USD 2.8 trillion, England has the second-largest economy in the EU after Germany and ranks fifth globally. Data from 2018 shows that 80% of GDP comes from the service sector, with the remaining breakdown as follows: 14% from industry, 6% from construction and less than 1% from agriculture. What comprises the largest 80% share? The service sector consists of the financial sector at 40%, public administration and government at 28%, and hospitality and restaurant services at 17%. The remaining 15% encompasses storage, communications and transportation services. The 2008 global economic crisis had a significant impact on England. In 2009, real growth declined by 4.4%, marking the largest contraction in English history since World War II. However, by the end of 2009, the economy recovered and stability was restored.

With declining global demand and political uncertainty from the Brexit process, economic growth stood at approximately 1.4% in 2018 and followed a similar trajectory in 2019.

Given the country's economy, market opportunities and consumption patterns, the United Kingdom will continue to offer the advantages of a rich and developed nation, as it has historically. With its advanced consumer market, multicultural composition and technology-oriented enterprises, the country ranks among the world's top economies. Examining London and the southeastern region reveals that the country's economy is concentrated there. These regions account for nearly 30% of the country's total economy and are significantly more affluent than other regions. When discussing England's economy, we necessarily address United Kingdom economic data, as England is part of the UK and analyzing England's economy in isolation is nearly impossible. England is the driving force of the United Kingdom's economy. England leads in the chemical industry, pharmaceutical industry, aviation industry and space industry. Furthermore, the London Stock Exchange is Europe's largest stock market. Among Europe's 500 largest companies, 100 are based in England. Data from 2014 indicate that London ranks as Europe's second-largest financial center.

Economic Relations Between Turkey and the United Kingdom

According to 2018 records, Turkish exports to Britain totaled approximately USD 11.111 billion, while imports reached USD 7.446 billion, bringing bilateral trade volume to USD 18.557 billion. Main Turkish export commodities to England include motor vehicles, automobiles, gold, insulated wires and cables, electrical conductors, electrical household appliances and ready-made clothing. Main import commodities consist of cast iron, cast steel and scrap thereof. According to 2018 data from the Ministry of Industry and Technology, 3,310 UK-capitalized companies, including BP, Vodafone and Tesco, operate in Turkey. Between 2002 and 2018, USD 10.301 billion in investment flowed from the United Kingdom to Turkey. The United Kingdom ranks as Turkey's fourth-largest investor. According to Turkish Central Bank data, approximately 90 Turkish companies operate in the United Kingdom.   References https://ticaret.gov.tr/yurtdisi-teskilati/avrupa/ingiltere/ulke-profili/genel-ekonomik-durum https://gezimanya.com/ingiltere/ingilterenin-ekonomisi http://www.mfa.gov.tr/birlesik-krallik-ekonomisi.tr.mfa www.pixabay.com Mary_R_Smith / 55 images   Prepared by:Çağla Köksal