Britain: A Pioneer in Economy

England is the largest and most central of the four countries located on the island of Great Britain in western Europe. The island nation, which borders Scotland and Wales, also has coastline along the English Channel. The Channel Tunnel, located in the English Channel, provides transportation between England and France. The France-England border thus runs through the middle of the channel. In a country without very high mountains, the Gulf Stream warm water current ensures milder seasons. As evidenced by its capital, London is England's most developed city. Meanwhile, the port of Poole, located on England's south coast, is the only natural harbour within its borders and is the second natural harbour after Sydney, Australia.

Economic Pioneer

With a GDP of USD 2.8 trillion, England has the second largest economy within the EU after Germany and ranks as the world's fifth largest economy. Based on 2018 data, the service sector comprises 80% of GDP, the industrial sector 14%, construction 6%, and the agricultural sector less than 1%. So what is contained within the 80% slice that constitutes the largest share of GDP? We want to learn the details when the slice of the pie is this large… Within the service sector, the financial sector accounts for 40%, public administration and government 28%, and hotel and restaurant services 17%. The remaining 15% comprises storage, communications and transportation services. The global economic crisis that occurred in 2008 significantly affected England. By 2009, real growth declined by 4.4%, which became the largest contraction in England's history since World War II. However, by late 2009, the country's economy began to recover and stability was restored. In subsequent years, the impact of contraction in global demand and political instability stemming from the Brexit process resulted in growth of around 1.4% in 2018, a trend that continued in similar fashion in 2019. Looking generally at the country's economy, market opportunities and consumption, the United Kingdom will continue to offer the opportunities of a wealthy and developed country in the future as it has in the past. It ranks among the leading positions in the world economy due to its advanced consumer market, multinational structure, and enterprises that make excellent use of technology. Looking at England's southeast and London, we can clearly see that the economy is shaped most in these regions. These regions constitute approximately 30% of GDP and are considerably wealthier than other regions of the country. When evaluating England's economy, we are also evaluating the United Kingdom's economy and examining its data, because England is part of the United Kingdom and it is nearly impossible to evaluate only this country economically. For this reason, England is in the position of the United Kingdom's locomotive economy. England is a leader in the chemical industry, pharmaceutical industry, aviation and space industry, and software production. Moreover, the London Stock Exchange is Europe's largest stock exchange. When examining Europe's 500 largest companies, we see that 100 of them are based in England. According to 2014 data, London is Europe's second largest financial centre.

Economic Relations between Turkey and the United Kingdom

Looking at our trade relations with Turkey and the United Kingdom, in 2018 our exports were approximately USD 11.111 billion, our imports were USD 7.446 billion, and our bilateral trade volume was USD 18.557 billion. Among the main products we export to England are: motor vehicles, automobiles, gold, insulated wires, cables and other electrical conductors, electrical household appliances and ready-made clothing products. Among imported products are: pig iron, iron and steel castings and scrap. According to 2018 data from the Ministry of Industry and Technology; 3,310 British capital companies, including companies such as BP, Vodafone and Tesco, operate in Turkey. Based on 2002-2018 data, investment made from the United Kingdom to our country amounted to USD 10.301 billion. The United Kingdom ranks 4th among countries making the most investment to our country. According to the Central Bank of Turkey, the number of companies established in the United Kingdom is around 90. 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