THE ECONOMY OF GREAT BRITAIN 11 класс

BD SilantIeva Anastasia

mentioned that as in many other countries the economy of

Britain is based mostly on
private enterprises. Different services and manufacturing are well devel­oped, while the agriculture does not take the leading place here. Britain has the possibility to use oil and natural gas from the North Sea and this makes the country self-sufficient in energy. More than half of domestic oil production Britain exports to other countries.

It has achieved this position despite the lack of most

raw materials needed for industry. It must also import 40% of its food suplies. 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; aircraft; motor vehicles and parts; electronic and communications equipment; metals; chemicals; coal; petroleum; paper and printing; food processing; textiles; and clothing.

were lost, but in the 1990s over 3.5 million jobs

were created in service-related industries. By the early 21st cent., banking, insurance, business services, and other service industries accounted for almost three fourths of the gross domestic product and employed 80% of the workforce. This trend was also reflected in a shift in Great Britain's economic base, which has benefited the southeast, southwest, and Midlands regions of the country, while the north of England and Northern Ireland have been hard hit by the changing economy.

where about one third of the country's population lives. The

administrative and financial center and most important port is Greater London (Большой Лондон (особая административно-территориальная единица, состоит из Лондона и его пригородов)), which also has various manufacturing industries. London is Europe's foremost financial city.

gas. Production of oil from offshore wells in the North

Sea began in 1975, and the country is self-sufficient (самостоятельный, автономный, независимый) in petroleum. Other mineral resources include iron ore, tin, limestone, salt, china clay, oil shale gypsum, and lead.

and beverages, and tobacco. The chief imports are manufactured goods

,machinery, fuels, and foodstuffs. 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. The United States, Germany, France, and the Netherlands are the main trading partners, and the Commonwealth countries are also important.

government controls inflation, public spending and loans. Markets and businesses

are not left behind. Privatization is also taking place. Almost all big business is now privatized.