an overseas market for British products, allowing the UK to dominate international trade in the 19th century. As other nations industrialised, coupled with economic decline after two world wars, the United Kingdom began to lose its competitive advantage and heavy industry declined, by degrees, throughout the 20th century. Manufacturing remains a significant part of the economy but accounted for only 16.7% of national output in 2003.
The automotive industry is a significant part of the UK manufacturing sector and employs over 800,000 people, with a turnover of some £52 billion, generating £26.6 billion of exports. The aerospace industry of the UK is the second- or third-largest national aerospace industry depending upon the method of measurement and has an annual turnover of around £20 billion. The pharmaceutical industry plays an important role in the UK economy and the country has the third highest share of global pharmaceutical R&D expenditures (after the United States and Japan).
In the final quarter of 2008 the UK economy officially entered recession for the first time since 1991. Unemployment increased from 5.2% in May 2008 to 7.6% in May 2009 and by January 2012 the unemployment rate among 18 to 24-year-olds had risen from 11.9% to 22.5%, the highest since current records began in 1992. Total UK government debt rose from 44.4% of GDP in 2007 to 82.9% of GDP in 2011.
The poverty line in the UK is commonly defined as being 60% of the median household income. In 2007–2008 13.5 million people, or 22% of the population, lived below this line. This is a higher level of relative poverty than all but four other EU members. In the same year 4.0 million children, 31% of the total, lived in households below the poverty line after housing costs were taken into account. This is a decrease of 400,000 children since 1998–1999. The UK imports 40% of its food supplies
