Flag description:
blue field 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), which is superimposed on
the diagonal white cross of Saint Andrew (patron saint of Scotland);
properly known as the Union Flag, but commonly called the 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 2001-03 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. 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). Critics point out,
however, that the economy is doing well outside of EMU, and they
point to public opinion polls that continue to show a majority of
Britons opposed to the single currency. Meantime, the government has
been speeding up the improvement of education, transport, and health
services, at a cost in higher taxes. The war in March-April 2003
between a US-led coalition and Iraq, together with the subsequent
problems of restoring the economy and the polity, involve a heavy
commitment of British military forces.
GDP:
purchasing power parity - $1.528 trillion (2002 est.)
GDP - real growth rate:
1.8% (2002 est.)
GDP - per capita:
purchasing power parity - $25,500 (2002 est.)
GDP - composition by sector: agriculture: 1.4% industry: 24.9% services: 73.7% (2000)
Population below poverty line: 17%
Household income or consumption by percentage share: lowest 10%: 2.3% highest 10%: 27.7% (1995)
Distribution of family income - Gini index:
36.8 (1995)