UK ECONOMY

UK- Agricolture and mining

The Uk was the leading world economy
for much of the 19th century. In the
20th century it experienced a period of
relative decline and was overtaken by
other countries. Since the 1990s
economic performance has improved.
Agricolture
and fishing
Agricolture in the Uk only
employs about half a milion
people, but farms are very
efficient and produce about
two thirds of the foods that
the nation consumes.
Fishing is an important
industry along the North Sea
coast. However, a decline in
fish stocks and competition
from foreign fishing fleets
have led to a big reduction in
the number of fishermen.
Mining and energy

Mining: large deposits of coal and iron ore

helped make the UK the first industrial nation
in the world. Another the UK is now a major
world producer of petroleum and natural gas
from its fields located in the North Sea.
Energy: the UK generates about three
quarters of its electricity from fossil fuels (oil,
natural gas and coal) and about one fifth
from nuclear power.
 UK- MANUFACTURING
The UK is an important manufacturing nation. Following
the Industrial Revolution the country was famous for its
production of textiles, steel, machinery and ships. Today,
the UK still manufactures a wide variety of products but
there is a growing trend away from manufacturing and
towards the service industries.
Engineering

Products include machine tools:

electrical engineering equpment;
heavy machinery for industry;
agricolture and mining; transport
equipment (motor vehicles,
aircraft, trains).
Electronics and telecommunications
Large multinationals (e.g. Sony, Hitachi, IBM) have
factories producing computers and high-tech electronic
equipment. British firms like BT are leaders in optical
fibres, radar and communications equipment.
CHEMICALS
Important companies include British
Petroleum and Shell (petrochemicals),
Glaxo Wellcome (pharmaceuticals), ICI
(plastics, paint, synthetic fibres,
fertilisers).
 UK- SERVICES, TRANSPORT AND
TRADE
Services: About three of four British workers are employed in
a wide variety of services. The followinng service industries are
particulary significant.
Financial services: this sector is a major employer. Infact London is one
of the worlds great financial capitals, with the biggest insurance
industry and the largest number of foreign banks.
Tourism: This is a fast-growing industry employing milions of people. It
is particularly important in London, along the south and south-west
coast and in scenically attractive areas of Scotland and Wales.
Retailing: It is dominated by large chain stores, such as Marks &
Spencer and Sainsbury. Smaller individually-owned shops have difficulty
in competing with the big chains and are disappearing.
Transport: Motorways link all major cities and roads
carry about 80 percent of goods traffic. The rail network
covers most of the country, with high-speed intercity
trains and freight services. Sea and air transport is vital
for an island nation. Major shiiping ports include Dover,
London, Liverpool and Felixstowe. The largest airports is
London Heathrow that has five terminals.
Trade: Foreign trade is essential for the UK economy.
About 25 percent of all goods and services produced are
exported. Important exports include machinery,
electronics, chemicals and oil. But the UK also imports
many of the same goods as well as food and raw
materials. Although the country imports many more
goods than it exports, it makes a profit from invisible
exports in services such as banking and insurance.