Facts about UK economy

10th August 2019 / NewsBits

In the 1920s, over 1.2 million men were employed in the coal mines. By 2017, that number was below 5,000

The manufacturing sector has declined from 35% of GDP in 1970 to 12% in 2008.

The service sector now accounts for 80% of the UK economy

Unemployment in the UK was highest during the Great Depression of the 1930s at over 22% of the workforce. This was also was in a period of minimal welfare support from the government.

The largest category of UK production is mineral oils and fuels 16%, nuclear reactors/parts is 2nd at 14%. The third largest is cars at 10%

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Although mostly foreign-owned, the UK car industry is a major exporter. UK factories built 1.6 million cars

48% of UK exports go to the EU

53% of UK imports come from the EU. Germany is our biggest import source, followed by Spain.

 

Source – economics.help

 

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