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United Kingdom

Beyond oil score(out of 100 points) 87.0
Index ranking(out of 26 countries ranked) 4
Overall status*  
General Economic Framework  
Political Framework  
Society and Future Skills  
(Beyond) oil related factors  


The UK, a leading global trading power and financial centre, is one of the quintet of trillion dollar economies of the European Union, with a GDP of US $1.869 trillion (2005). The GDP is composed from 73% for services, 26% industry (including oil) and 1% agriculture. The UK's 2003 oil production amounted to 2.393 million bbl/day, while the consumption was 1.722 million bbl/day. This ranks the UK as the 15th largest oil producer in the world.

The UK has large coal, natural gas, and oil reserves; primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation. In addition, some of the world's leading oil producers are listed on the London Stock Exchange.

Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. GDP growth slipped in 2001-03 as the global downturn, the high value of the pound, and the bursting of the new economy bubble hurt manufacturing and exports.

The New Labour government of Tony Blair came to power after a sweeping election victory in 1997, which ended an 18 year long Conservative Party grip on power. New Labour largely continued with the economic policies introduced by Margaret Thatcher and have as a result isolated traditional Labour Party supporters such as the trade unions. Significant economic policies introduced by Labour include greater independence for the central bank and public-private-partnership projects. Recent local election results suggest a decline in the popularity of New Labour in favour of the Conservatives. While the Conservative Party is seen as having a more cautious approach to European Union integration, both parties have largely similar foreign policies.

  Indicates high preparedness   Indicates deficits but potential for development   Indicates unfavourable preconditions.
 
     
   
 
 
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