World Rank - 2611

Country Rank - 9

The economy of the UK is highly developed and market-oriented. One of the strongest component of the UK economy is energy sector. It is the fifth-largest national economy in the world measured by nominal gross domestic product(GDP), ninth-largest by purchasing power parity(PPP), and twenty first-largest by GDP per capita, consisting of 3.3% of world GDP. The UK is considered as one of the globalized economies comprising of England, Scotland, Wales and Northern Ireland.

UK has a combination of both publicly-and-privately owned companies. Since the 1980s, the government has worked to privatize most state-owned enterprises but unemployment concerns and public opposition have slowed the future privatization plans. Industries that are owned by the government include railways, ship building, and some steel companies. The major part of the uk industry include energy, mining, manufacturing, and construction. Energy is the net exporting sector of the UK. The UK has abundant reserves of gas, coal, and atomic power. Energy resources are mainly concentrated in the North Sea. There are currently 100 active oil and natural gas fields.

The country includes a number of international firms, such as Texaco, Phillips Petroleum, and Chevron. The main energy source is oil. Due to the depletion of stocks of various minerals the mining minerals have declined over the past thirty years. The main mineral that is still being mined is lead and tin. Production of refined metals such as aluminum and steel are significant in the country. The United Kingdom has substantial production of minerals used for construction such as clay, kaolin, and gypsum. Britain is the major cement producer. Blue circle cement and castle cement companies controls 75 percent of the market in the country. Europe’s largest steel producer is British Steel wit revenues of US$12 billion. The country produces about 13 million metric tons of steel per year.

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