England. Industries- The main industries

England. Industries- The main industries today are banking and finance, steel, transport equipment, oil and gas, and tourism. British Petroleum (BP) is Britain’s biggest industrial company. The types of industries that England has are: Steel, heavy engineering and metal manufacturing, textiles, motor vehicles and aircraft, construction (5.2% of GDP), electronics, chemicals. Britain’s traditional industries included iron and steel production, coal mining and textiles. GDP: 1.04 trillion=($1.60 trillion). Leading: A leading trading power and financial center, deploys an essentially capitalistic economy, one of the quartets of trillion dollar economies of Western Europe. Over the past two decades the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with only 1% of the labor force. The UK has large coal, natural gas, and oil reserves; primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. Economic growth has been slowed in 1999; recovery to 3% is in prospect for 2000, based on a rise in exports and domestic demand. The BLAIR government has put off the question of participation in the euro system until after the next election, not expected until 2001; Chancellor of the Exchequer BROWN has identified some key economic tests to determine whether the UK should join the common currency system. Growth: The annual growth was of 1.9% – $1.2 trillion est. (1999) The annual growth was of 2.0% – $1.5 trillion est. (2001) The annual growth was of 2.1% – $ 1.7 trillion est. (2002) GDP – per capita: purchasing power …

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