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 dependencies, Commonwealth countries, and
others

*United Kingdom, Economy

Overview:
The UK is one of the world's great trading powers and financial centers, and
its economy ranks among the four largest in Europe. The economy is
essentially capitalistic; over the past thirteen years the ruling Tories
have 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, and
primary energy production accounts for 12% 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, now employing only 25% of the
work force and generating 21% of GDP. The economy is emerging out of its
3-year recession with only weak recovery expected in 1993. Unemployment is
hovering around 10% of the labor force. The government in 1992 adopted a
pro-growth strategy, cutting interest rates sharply and removing the pound
from the European exchange rate mechanism. Excess industrial capacity
probably will moderate inflation which for the first time in a decade is
below the EC average. The major economic policy question for Britain in the
1990s is the terms on which it participates in the financial and economic
integration of Europe.
National product:
GDP - purchasing power equivalent - $920.6 billion (1992)
National product real growth rate:
-0.6% (1992)
National product per capita:
$15,900 (1992)
Inflation rate (consumer prices):
3.6% (1992)
Unemployment rate:
9.8% (1992)
Budget:
revenues $367.6 billion; expenditures $439.3 billion, including capital
expenditures of $32.5 billion (FY92 est.)
Exports:
$187.4 billion (f.o.b., 1992)
commodities:
manufactured goods, machinery, fuels, chemicals, semifinished goods,
transport equipment
partners:
EC countries 56.7% (Germany 14.0%, France 11.1%, Netherlands 7.9%), US 10.9%
Imports:
$210.7 billion (c.i.f., 1992)
commodities:
manufactured g