After our months of celebrating the UK manufacturing sector on a small scale with the UK Manufacturing Awards, we thought we would turn our attentions in the opposite direction, and take in the bigger picture.
You’ve been beaten over the head with the fact that UK manufacturing is on the decline. But this story of manufacturing reduction isn’t just true of this country – more and more, the large economic powers of the world are starting to rely on the service industry for the majority of their GDP. Manufacturing is still ahead of the agriculture by and large, an industry even more in decline than manufacturing. But is it all really doom and gloom? Here are some stats to ponder.
Agriculture / Industrial / Service split
Below are two tables showing the top 10 biggest economies in the world (according to the International Monetary Fund), and how their GDP balances out between these three sectors.
|Number||Country||GDP (In $ Million)|
So, as you can see, only China has an industrial sector that contributes more than their service sector. This may have something to do with China’s ever rising prominence in world economics. So, lets break down how these top 10 economic powers would stack up when we compare their manufacturing/industrial sectors.
|Number||Country||Industrial GDP (In $ Million)|
UK Manufacturing vs. Other Countries
So despite being “in decline”, the UK still has one of the top 5 biggest manufacturing economies in the world, and the second largest in Europe by some margin over France. Are you starting to see why this doom and gloom doesn’t always add up?
At this point, let’s treat the UK manufacturing sector as if it is it’s own country. Where would we stack up then? Well according to the International Monetary Fund, we are much higher than you would think.
|Number||Country||GPD (in $ Million)|
If it were to somehow go independent, the UK manufacturing sector would be the 21st biggest economic power in the world, sitting between Saudi Arabia and Argentina’s total GDP from agriculture, industrial and services. Here are just some of the countries it would bring in more money than:
- South Africa
One last reassuring piece of information. On the map below, you could add up all of the red shaded countries total GDP, and it wouldn’t meet the GDP generated by the UK manufacturing sector! It represents 81 countries!