The British economy is the sixth largest national economy in the world measure by the Growth Domestic Product (GDP) and also the third largest in Europe. The GDP refers to the market value of all final goods and services produced within a country in a given period. The GDP is often considered as the country's standard of living.
After starting to industrialise in the 18th century, the UK possessed a dominant role in the global economy by the 19th century. By 1945, United States had taken over as the world’s most dominant economic power however the UK still maintained a significant role in the world economy. Having London as the world’s largest financial centre alongside New York, made the UK one of the world’s most globalised countries.
Figures showed that UK had suffered a decrease in their economy by 4.95 in November 2009. Showing that the recession the UK had entered in 2008 (for the first time since 1991) hadn’t got any better.
Nominal GDP 2000 to 2011
| Year | GDP Change | |
| 000 | 3.9% | |
| 2001 | 2.5% | |
| 2002 | 2.1% | |
| 2003 | 2.8% | |
| 2004 | 3.0% | |
| 2005 | 2.2% | |
| 2006 | 2.9% | |
| 2007 | 2.6% | |
| 2008 | 0.6% | |
| 2009 | -4.9% | |
| 2010 | 1.7% | |
| 2011 | 1.2% | |
Giving a clear aspect on the economy today:
http://www.telegraph.co.uk/news/worldnews/europe/eu/8871382/David-Cameron-British-economy-is-getting-worse-as-euro-crisis-goes-unresolved.html
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