England, it is the biggest and the most central one among the four countries of the Great Britain Island which is in the western part of Europe.
Being neighbors with Wales and Scotland, the country also has a coast at the English Channel. The tunnel that is in English Channel is a part of the transportation between France and England. Thus, the border between France and England is the mid-point of the Channel.
The country does not have great mountains and thanks to the “Gulf Stream,” which is an ocean current, season are milder. Since it can be deducted from its capital, the most developed city of the country is London.
The “Poole” port is the only natural harbor within the borders of the country, while it comes only second after the Sidney harbor, which is in Australia.
Pioneer in Economy
With its 2.8 trillion dollars of GDP, England, coming after Germany, has the second greatest economy of EU, and is the fifth greatest economy of the whole world.
The data from 2018 shows that 80% of GDP comes from service sector, while the remaining part takes its 14% from industry sector, 6% from construction sector and less than one percent from agriculture.
And what does the greatest part that makes 80% of the whole consist of? Naturally, we want to learn about the part when it is that big…
Service sector is made up by the finance sector which is 40% the whole, public administration and government which are 28% of the whole and lodging industry and restaurant services which are 17% of the whole. The remaining 15% consists of storing, communication and transportation services.
The world economic crisis of 2008 had greatly affected England. In 2009 the real growth had declined by 4.4% and this was recorded as the biggest decline in the history of England since the World War II. But at the end of 2009 the economy recovered and the stability had been assured.
With the decline in global demand and the political instability caused by Brexit process, economic growth was around 1.4% in 2018, and the process followed up similar also in 2019.
If we consider the country’s economy, its opportunities in the market and its consumption, United Kingdom will continue provide opportunities of a rich and developed country, as it always did in the past.
Thanks to its developed consumer market, multicultural structure and enterprises which make good use of technology, the country is near the top of the global economy. If we look into London and the south-eastern part of the country, we can easily see that the country’s economy is shaped in there mostly.
Those regions make up almost 30% of the country’s economy. And they are much richer from other regions of the country.
When we are commenting on the economy of England, we are also commenting on, and talking of data of United Kingdom, since England is a part of United Kingdom and to comment on England’s economy by itself is nearly impossible. Thus, England is the part of country which keeps the economy of United Kingdom running. England is the leading power in chemical industry, pharmaceutical industry, aviation industry and space industry. Furthermore, The London Stock Exchange is the biggest stock market of Europe. When we analyze the 500 greatest companies of Europe, we see that 100 of those are based in England. And data from 2014 show that London is the second greatest financial center of Europe.
Economic Relations Between Turkey and United Kingdom
Records from 2018 show that our export to Britain is around 11 billion and 111 million Dollars while our import is 7 billion and 446 million Dollars and the bilateral trade volume was 18 billion and 557 million Dollars. Our main export commodities from England are; motor vehicles, automobiles, gold, insulated wires, cables and other electric conductors, electrical home appliances and ready-made clothing. Our main import commodities are; cast iron, cast steel and scrap of those.
According to 2018 data provided by The Ministry of Industry and Technology, 3,310 English capitalized companies, among which are companies like BP, Vodafone and Tesco, operate in Turkey. Between 2002 and 2018, 10 billion and 301 million Dollars of investments came from United Kingdom to our country. United Kingdom is the fourth biggest investor in Turkey. According to Turkish Central Bank’s data, the number of companies that are set in 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
