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Macroeconomic United Kingdom has GDP of 29 trillion and per Paper

Words: 849, Paragraphs: 31, Pages: 3

Paper type: Essay , Subject: Gdp

Categories: Gdp


United Kingdom has GDP of $2.9 trillion and per capita income of $44,118, and for them it stands as Europe’s second biggest economy and fifth biggest economy in the world. The UK economy includes the economies of England, Scotland, Wales, and North Ireland. In 2016 the nation positioned as the tenth biggest exporter and fifth biggest importer in the world. The administration business contributes 78% of GDP. London is Europe’s largest city as far as GDP and in 2016, the city surpassed New York as the world’s leading financial centre according to Global Financial Centers Index (GFCI) (Kiprop, 2017).

The Foreign Direct Investment inflow is $15.1 billion. United Kingdom has one of the world’s most well-organized business and investment environments. Inflation rate is 2.7% (CPI). Additionally, approximately growth rate is 1.8% in GDP and population is around 66.1 million (2019 Index of Economic Freedom). Median household disposable income in the UK was ?28,400 in the 2018 financial year ending, and these numbers are driven from Living Costs and Food Survey. This income remained unchanged as compared to previous years. Kingdom’s population comes under urban level in 2017, which is a huge number and also reflect the development of the country (Plecher, 2019).

FX trend (provide a graph comparing the rate of exchange versus CDN dollar

Date (GMT) Rate**

Average 0.77

31 Dec 2015 0.78

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31 Dec 2016 0.76

31 Dec 2017 0.77

31 Dec 2018 0.77

18 Jul 2019 0.75

**1 UNIT of CAD = X UNITS of USD

Culture and Life style:

United Kingdom has one of the most developed and wide infrastructure systems in the world. UK has 230,914 miles of roadways and it includes 2,053 miles of expressways. UK has of 10,448 miles of railways. United Kingdom is an island, it is dependent on ocean and on air for the freight. UK has world’s busiest ports like London, Glasgow, Dover, Cardiff, Hull, Liverpool, Portsmouth and these ports handled almost 4.8 million tonnes of cargo every year. This nation has largest merchant marine which is totalled 173 ships in 2000. United Kingdom has almost 500 airports, which is a huge number. This nation is also very strong and sophisticated in terms of technology and communication, almost 8.4 million homes of United Kingdom have access to internet (Nations encyclopedia, n.d.).

Norms and business protocols

Passport to trade a bridge to success. (n.d.). Business etiquette. Retrieved from

British culture and their social norms are very unique and it is very important to know about them prior making business relations over there. These are also known as business etiquettes, because these are similar to each other. Some of main social norms and business etiquettes are as follows:

• Punctuality: It is considered as one of most important manner in the UK’s culture. British people are very punctual and being late is considered as the rude behaviour in UK.

• Gift giving: Gift giving is normally not a part of British culture, however, so companies and organizations encourage not to offer any gifts, because, it may be considered as bribe and corruption. This means offering expensive gifts in business relations, is not a protocol in UK. However, offering small gifts like greeting cards are acceptable. Additionally, if it is a invite from a business person for home dinner than it will be good to bring a bottle of wine, flowers and some chocolates (Passport to trade a bridge to success, n.d.).

• Business dress code: In the terms of dress code, classical conservative attire is norm in British culture for both men and women, usually, dark colors like black, charcoal gray, dark blue are main colors. Denim is not acceptable for office and professional business meetings. So, if a foreign business is not sure about the dress code, its better to ask from company’s representative.

• Bribery and corruption: British are very honest nation with relatively very low level of corruption. Bribery and corruption are considered as serious crimes and chances are very low to bribe anyone over there.

Behaviours and discussions to AVOID with British people:

The UK. (n.d.). British business culture. Retrieved from

• Greeting stranger with kiss

• Spiting in public

• Ask personal questions

• The historical conflicts in Northern Ireland

• Race and immigration

• Person’s income

• Appearance or weight of a person

Difference between Canadian culture and United Kingdom’s culture:

Education level: DONE

Education level in UK is worldwide reputed for its high quality and standards. There are five stages of schooling in UK and these are, early years, primary years, secondary education, further education and higher education. Children in UK starts their schooling at the age of 3 and up to 16, it is mandatory for them to get that education. It not seems like there is any inequality regarding gender differences, education is equal over there for everyone (Study in UK, n.d.).

Study in UK. (n.d.). UK education system guide. Retrieved from

Religious Influences:

People in UK are free to choose their religion, according to the human right in UK it is guarantee to choose religion choice. However, the churches in UK have different religion beliefs (Pariona, 2017). Overall, religious beliefs do not affect the market of our product.

Pariona, A. (2017, April 25). Religious beliefs in the United Kingdom (Great Britain). Retrieved from

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