Flag description: blue with the red cross of Saint George (patron saint of England) edged in white superimposed on the diagonal red cross of Saint Patrick (patron saint of Ireland) and which is superimposed on the diagonal white cross of Saint Andrew (patron saint of Scotland); known as the Union Flag or Union Jack; the design and colors (especially the Blue Ensign) have been the basis for a number of other flags including other Commonwealth countries and their constituent states or provinces, as well as British overseas territories
Economy United Kingdom
Economy - overview: The UK, a leading trading power and financial center, is one of the quartet 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. GDP growth slipped in 2001 as the global downturn, the high value of the pound, and the bursting of the "new economy" bubble hurt manufacturing and exports. Still, the economy is one of the strongest in Europe; inflation, interest rates, and unemployment remain low, and the government expects growth of 2% to 2.5% in 2002. The relatively good economic performance has complicated the BLAIR government's efforts to make a case for Britain to join the European Economic and Monetary Union (EMU). The Prime Minister has pledged to hold a public referendum if membership meets Chancellor of the Exchequer BROWN's five economic "tests." Scheduled for assessment by mid-2003, the tests will determine whether joining EMU would have a positive effect on British investment, employment, and growth. Critics point out, however, that the economy is thriving outside of EMU, and they point to public opinion polls that continue to show a majority of Britons opposed to the single currency.
GDP: purchasing power parity - $1.47 trillion (2001 est.)
GDP - real growth rate: 2.4% (2001 est.)
GDP - per capita: purchasing power parity - $24,700 (2001 est.)
GDP - composition by sector: agriculture: 1.7% industry: 24.9% services: 73.4% (1999)
Population below poverty line: 17%
Household income or consumption by percentage share: lowest 10%: 2.6% highest 10%: 27.3% (1991)
Distribution of family income - Gini index: 36.1 (1991)