The economy of the Great Britain.
Great Britain is one of the world's leading industrialized nations.
It has achieved this position despite the lack of most raw materials
needed for industry. The country also must import about 40% of its food
supplies. Thus, its prosperity has been dependent upon the export of
manufactured goods in exchange for raw materials and foodstuffs. Within
the manufacturing sector, the largest industries include machine tools;
electric power, automation, and railroad equipment; ships; motor vehicles
and parts; aircraft; electronic and communications equipment; metals;
chemicals; petroleum; coal; food processing; paper and printing; textiles;
and clothing. The main industrial and commercial areas are the great
conurbations, where about one third of the country's population lives.
Great
Britain has abundant supplies of coal, oil, and natural gas. Production
of oil from offshore wells in the North Sea began in 1975, and the country
is self-sufficient in petroleum. Other mineral resources include iron
ore, tin, limestone, salt, china clay, oil shale, gypsum, and lead.
About
25% of Britain's land is arable, and almost half is suitable for meadows
and pastures. Its agriculture is highly mechanized and extremely productive;
barley, wheat, rapeseed, potatoes, sugar beets, fruits, and vegetables
are the main crops. The widespread dairy industry produces milk, eggs,
and cheese. Beef cattle and large numbers of sheep, as well as poultry
and pigs, are raised throughout much of the country. There is also a
sizable fishing industry, with cod, haddock, mackerel, whiting, trout,
salmon, and shellfish making up the bulk of the catch.
The
country's chief exports are manufactured goods, machinery, fuels, chemicals,
semifinished goods, and transport equipment. Since the early 1970s,
Great Britain's trade focus has shifted from the United States to the
European Union, which now accounts for over 50% of its trade. Germany,
the United States, France, and the Netherlands are the main trading
partners, and the Commonwealth countries are also important.
Britain's Tourism Industry.
Tourism
is a valuable source of foreign exchange, worth more in export value
in 2012 than crude oil, food beverages and tobacco and very nearly as
much as motor cars. Overseas visitors spend around £20 billion a year
in this country and they contribute more than £6 billion in revenue
to the Exchequer.
Crucially,
against the backdrop of a slow recovery from recession, tourism is growing
faster than other economic sectors.
Latest news: UK GDP growth for
2013 revised down.
Britain's
economy grew at a slightly slower rate than previously thought in 2013,
but economists welcomed signs that growth was more balanced in the final
three months of the year.
Gross
domestic product increased by 1.8% last year compared with an earlier
estimate of 1.9% after growth in both the first and second quarters
was revised down by 0.1 percentage points by the Office for National
Statistics. However it was still the strongest annual rate of growth
since 2007, when the economy grew by 3.4% before the financial crisis.