Comparative Analysis of Trend Among the Chosen Countries

Added on - 28 May 2020

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Running Head: ECONOMICSEconomicsName of the StudentName of the UniversityAuthor note
ECONOMICS1Table of ContentsEconomic overview of nation....................................................................................................2UK trade Overview:...................................................................................................................3Export.....................................................................................................................................4Import.....................................................................................................................................4External Balance....................................................................................................................5Percentage of Trade in GDP:.................................................................................................5Merchandise export................................................................................................................5Compare UK..............................................................................................................................6Burundi:......................................................................................................................................6Nicaragua:..................................................................................................................................6Data description.........................................................................................................................7Comparative analysis of trend among the chosen countries......................................................8References................................................................................................................................14
ECONOMICS2Economic overview of nationGreat Britain is one of the leading power in international trade. Rapid expansion offinancial activities make it one important financial hub of world. The economy of UK is thethird largest positioned next after Germany and France. The nation has made significantprogress in agricultural production. Agriculture is highly capital intensive in contrast to mostother countries where agriculture is labor intensive. Here, production of primary good ishighly mechanized. The nation able to meet 60% of the food demand using only 2% ofavailable labor. UK has huge stocks of mineral resources including Coal, oil resource andnatural gas. Despite having large reserves of oil and natural gas, the reserves are nowdeclining. This makes the nation to become a major importer of energy since 2005 (Carlton &Perloff, 2015). The financial sector of UK is one primary determinants of economic health ofUK. Financial services including banking, business services and insurance are keycontributors of Great Britain’s GDP. As opposed to rapid growth of services, themanufacturing sector has become weak in the last few decades.The economy of Great Britain is one of the highly developed nations. The nation isrelied on the market economy. In terms of nominal Gross domestic product, the nation is fifthlargest in global market. With purchasing power parity, it is ninth largest and in terms of percapita GDP, it ranked nineteenth. The GDP of UK is 3.9% of the world economy. In the listof countries in European Union is the second largest. During eighteenth century, UnitedKingdom was the first country to be industrialized. Within one century that is in 19thcentury,the nation had taken a dominant position in global economy (King, 2015). In 1870, UKaccounted for 9.1% of world’s GDP. From the 19thcentury, the second phase of industrialrevolution was initiated. However, during this time industrialization was spreading in severalother nations like United States and German. The spread of industrialization in different otherstates brings challenges for UK economy. The advent of World War I and World War II lead
ECONOMICS3to a further weakening industrial position of United Kingdom. In the 21stcentury, the nationmaintains its power and position in the global economy. The main agricultural produce ofUnited Kingdom are Apples, onions, wool, carrot and turnip, barley and other livestock.Another important sector of UK economy is its manufacturing sector (Ball, 2014). In 2011,the sector contributes to nearly £ 140, 539 billion in the gross value added with employingaround 2.6 million people. Automotive manufacturing sector is one important sector of theeconomy. The sector has made significant contribution in the exported goods from UK. Bymanufacturing passengers’ vehicles and commercial vehicles, the automotive industry hasbecome an important sector of the nation. After automotive industry, the next importantindustry is aerospace industry. Other important industries are pharmaceutical industry,mining and others. In the services industry the important sectors are baking, insurances,wholesale and retail trade, transport, storage and communication, tourism, financial andbusiness services, real estate, renting activities and others.UK trade Overview:United Kingdom has considerable involvement in world trade. In terms of export, UKranked tenth in the world market. In 2016, the nation had earned $40 billion from its export.During this year, the nation imported an amount of $625 billion (Young, Hood & Hamill,2017). The UK trade overview represents the value of import and export activity and formsthe central contributor of the overall economic growth of the UK. Considering the overviewof UK, its trade export of the goods and service accounted for around 56% of the totalamount of export that largely comprises of the machinery of 14%, cars 10%, electricalmachinery of 8% etc. The main export partners for UK is the United States, Germany, Franceand Netherlands (Bernanke et al., 2015). However, in the second quarter of the April to June2016 and the third quarter of july to September UK reported a deficient in trade by 1.6 billionto 11.0 billion. Though there was the 4.5 billion rise in the export of goods with 3.1 billion
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