Country And Economy Overview Of The United Kingdom Essay

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1. Country and economy overview of the United Kingdom (macro level)

1) Overview of the economy of the United Kingdom.
The economy of United Kingdom has long been one of the most advanced economies in the world. Having been through the Industrial Revolution in 1900s, it has found its footing and established itself as a global economic powerhouse. Measured by purchasing power parity, the UK is currently ranked as the fifth largest economy in the world, contributing to 4% of the world GDP. It has a GDP of $2.5 trillion. The United Kingdom is characterized by its open market, capitalist economy that allows freedom of movement of goods and people within the European Union.

The United Kingdom, in particularly London, is one of the epicenter of the world 's financial market. It has one of the world 's busiest derivative market and foreign exchange market. The London Stock Exchange exerts a tremendous amount of influence on the world 's stock exchange, with a total market capitalization of as of 6.06 trillion pounds as of December 2014. Overall, the service sector, including the financial services sector, contributed 77.8% of the British GDP in the first quarter of 2014.. The recent performance of the financial sector of the UK managed to beat estimates is a clear evidence of its status as one of the leading financial command centers in the world. The London Interbank Offered Rate, also known as LIBOR, is widely used as the key short-term interest rate worldwide.

As with most

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