UK has 6th largest economy
UK has the world’s 6th largest economy after the US, China, Japan, Germany, and India. The country has a population of 6 billion people spread across England, Scotland, Wales, and Ireland. The economy of England depends so much on its capital city, London. The major sectors of the British economy are services, manufacturing, tourism, and construction.
In the pandemic period, the GDP of the UK declined by 22.1% in the first half and later declined again by 20.8% in the second half of 2020 because of strict lockdowns that were imposed.
By the end of Jan 2020, Britain formally withdrew itself from the EU (European Union). This seems to impact the overall economy of the country. The event is known as Brexit (Britain exit). It has added to the uncertainty in the economic development which was already ruined by the pandemic.
Finance, retail, business services
The service sector that includes finance, retail, business services, and entertainment forms more than one-third of the country’s GDP (gross domestic production). It further saw an increase by 2.1% by the year 2018. The production and manufacturing sector i. e. secondary sector accounts for less than 21%. Jewellery has a vast market in the UK, in particular London. Hatton garden jewellery shops are one of the great hubs of the jewellery market in London which partakes in the economy of London. And lastly, the agriculture sectors contribute nothing more than 0.60% of the total economy.
Country’s GDP distribution
After looking at the composition of the country’s GDP distribution we can tell that the economy can be revived by focusing on the economic sector which was most damaged. In this case, it is the secondary sector. Even though the service sector has the largest share in the distribution, it does not need any particular attention because it will revive with the revival of the secondary sector. The primary sector was already at the lowest and focusing on it will also not make any growth in the country’s economy.
The vaccine will play the biggest role in the economic and overall recovery of any country so a large-scale production and infrastructure is a must. Proper conditions are to be met for this massive production. When the production will take place, the service sector, for example, transport, will catch up to the demands of the industrial sector. The country needs to focus on the effective and efficient production of vaccines. Producing vaccines will definitely create demand in the service sector. The service sector will get more employment in distribution, production, administration, etc.
When the economy starts to recover after full-fledged vaccine distribution, there would be further demand in the tertiary sector because people will step out of their homes and markets will revive, and all the service-centric activities would rise again to their peak. That would be the point where the economy would need to respond to the service sector and introduce policies for broader integration of this particular sector.
This year will see a revival of not just economy but the humanity in its entirety. If you are planning to get engaged this year, you must look for buying the engagement ring from engagement rings Hatton Garden for a perfect engagement ring for your partner.