Labour force

The UK has the 4^th highest labour force participation rate in the world, with 28,988 mln workers.

Currently 1,4 % of the labour force are employed in agriculture, 18, 2% - in industries, 80,4 % - in services.

Unemployment remains high in the UK at 7,8 % (October 2012) & is likely to remain so as the economy is stagnating.

Unemployment is aggravated by the fact that the development of new industries doesn’t compensate the decline of traditional industries which eventually collapse leading to job shedding. (новые отрасли не компенсируют закрытие старых отраслей)

1993: 3 mln unemployed

2004 – 1, 9 mln

2012 – 2, 51 mln (or 7,8 % of the working population).

Unemployment is fluctuating (плавающая безработица).

2002 – 2006 – “Golden period”

TRADE

In 1973 the UK joined the E/p Common Market. Since then the country’s major trading partner has been Europe (in the past – India, Australia, New Zealand).

Britain’s share in the world trade is about 6 % with the country being the 5^th largest trading nation in the world.

The UK’s the 7^th leading importer & the 11^th leading exporter in the world.

Primary export partners (2011):

USA (14.7 %)

Germany (11 %)

France (8 %)

Netherlands (7.8 %)

Ireland (6.9 %)

+ Belgium, Italy, Spain, China, Sweden

Primary exports-commodities (товары): manufactured goods, fuels, chemicals; food, beverages, tobacco.

The UK’s biggest export in 2011 was nuclear reactors, boilers, machinery & mechanical appliances (including parts thereof).

UK import partners (2011):