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.