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National Economy of Great Britain

The economy is primarily based on private enterprise and govern­ment policy and is aimed at encouraging the private sector, which accounts for about three quarters of the total output in the whole economy and over two-thirds of total employment. Britain's workforce in employment is about 26 million. The number of women seeking work has risen substantially. As in other industrial countries, there is con­cern about employment. Even when the workforce was expanding, unemployment did not decline as quickly as employment, rose. With a predicted fall in the number of young people, the population of work­ing age will grow more slowly than in recent years. The population increase in Great Britain between 1990 and 2000 is projected at 0,7 million, compared with a rise of 2,4 million in the previous 1 3 years.

Growth in manufacturing productivity in Britain is faster than in all other leading industrialized countries. It grew by average of 4,7 per cent a year. Productivity in the economy as a whole increased slowly.

Britain has a relatively open economy, in which international trade is a vital part of economic performance. Exports of goods and services account for about a quarter of GDP, this proportion has increased in recent decades. Similar rises have occurred in most other developed countries, reflecting the importance of international trade in an increasingly interdependent world economy.

Britain is a major exporter of aerospace products, electrical equip­ment, chemicals, oil and many types of machinery. It is also one of the world's largest importers of agricultural products, raw materials and semi manufactures. Exports of manufactures have risen faster than imports in each of the last three years. At present, Britain has a deficit on visible trade. Membership of the EC has had a major impact on Britain's pattern of trade, increasing the proportion with other member countries.

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