Country of the Month: United Kingdom
The United Kingdom is Canada's third largest trading partner (after the United States and Japan) and leads all other European countries. The total value of its annual economic output is approximately double Canada's. For a current, brief overview of our economic connections see Canada's Department of Foreign Affairs and International Trade site at
(www.dfait-maeci.gc.ca/geo/html_documents/84209-e.htm).
Twenty years ago it was known as "the sick man of Europe" because its economy was so unproductive. The Thatcher government began an economic modernization based on privatization and a greater reliance on competitive markets that brought great economic and social change. By international standards, the United Kingdom is now ranked in the top ten countries for both its general standard of living and its competitiveness.
The World Economic Forum (www.weforum.com) ranks it 8th in the world in economic competitiveness, whereas Canada is ranked 5th. The United Nations Human Development Report (www.undp.org/hdro/99.htm) measures human development in terms of "leading a long life, being knowledgeable and enjoying a decent standard of living." It uses economic criteria to compare the standard of living. The Human Development Index, which ranked Canada first in the world, ranked the United Kingdom 10th. The Index measured Canada's Real GDP/capita (the value of all economic output produced per person) at $22,480, whereas the United Kingdom's was $20,730.
Canada's Department of Foreign Affairs and International Trade maintains a good site at (www.dfait-maeci.gc.ca/english/geo/europe/e-unking.htm) that has information organized under the headings General Relations, Trade, and Investment that highlights the connections between Canada and the U.K.
Each of the following sites will offer introductory information about the economy as well as other aspects of the United Kingdom from sources that are not Canadian:
For a gateway to many sites with up-to-date information about business and financial topics in the U.K., go to the Europe Online site at (www.europeonline.com/gbr/busi/index.htm).
Perhaps the single best source of current and comparative economic information is contained in the House of Commons Library Research Papers site (www.parliament.uk/commons/lib/research/rp99/rp99.htm). From the list, click on Number 99/69 Economic Indicators. It contains in its 32 pages a thorough analysis of the economic state of the nation, trends going back 10 years, and comparisons to other economies. If you want the U.K. equivalent of Statistics Canada, go to the Office for National Statistics (www.ons.gov.uk/ons_f.htm).