The economy of Great Britain.

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ҮM-34 «The Economy of Great Britain»

The Economy of Great Britain.

The economy of Britain is based mostly on private enterprises. Different services and manufacturing are well devel­oped, while the agriculture does not take the leading place here. Britain has the possibility to use oil and natural gas from the North Sea and this makes the country self-sufficient in energy. More than half of domestic oil production Britain exports to other countries. The United Kingdom’s coal industry, despite its steady decline since the early 1950s, remains one of the largest and most technologically advanced in Europe.

We know that for any economy the international trade is very impor­tant. In Britain nearly 25 % of national production of goods and services are exported. 1981—1989 were the years of economical growth in Britain. But unfortunately as it often happens after the growing comes the reces­sion. Only in 1992 the rate of inflation went down. Today we can say for sure that manufacturing production of Britain grows much faster than in any other industrial country.

Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. It contributes around 2% of GDP.

In the north-west of England, Wales and Scotland, farmers keep cattle and sheep. Sheep can survive the cold winters on the hills and moors.

In the east of England (East Anglia), wheat, barley and vegetables grow in enormous fields.

In the south-west of England, the rich grass is ideal for feeding dairy cows.

Chief imports of Great Britain are metallic ores, except iron ore, food. Chief exports are China automobiles and other vehicles, wooden goods, steel, electrical and mechanical machinery, tractors, scientific instruments, chemicals, petroleum.

Just under half of the total population is in the labour force. The highest proportion of employees (more than two-thirds) is in the service sectors, financial services and distribution. Manufacturing, although it has declined, employs more than one-fifth of all workers. Smaller numbers are in construction, energy, agriculture, forestry and fishing.

To keep the economy at high level the government controls the infla­tion and public spending and borrowing. Markets and promote enterpris­es are not left without attention. Privatisation also takes its place. Nearly all major businesses are privatized now.

Vocabulary

private enterprises – жеке меншік кәсіпорындар

manufacturing – өнеркәсіп

agriculture – ауыл шаоруашылығы

international trade – халықаралық сауда-саттық

self-sufficient –­­­ толыққанды

GDP – ЖІӨ (жалпы ішкі өнім)

GNP – ЖҰӨ (жалпы ұлттық өнім)

recession – төмендеу

borrowing – заем

spending – шығыстар

to reduce – қысқарту

Chief imports – басты импорт

metallic ores – металл рудалар

labour force – еңбек нарығы

distribution - бөлу

investment – салым, инвестиция

Questions

1. What is the economy of Great Britain mostly based on?

2. What manufacturing is less developed in Britain?

3. What makes the country self-sufficient in energy?

4. What were the years of economical growth in Britain?

5. What are the chief imports of Great Britain?

6. What are the chief exports of Great Britain?

7. What does the government do to keep the economy at highlevel?

8. Why is Great Britain a good place for investments?

ҮM-34 «The Economy of Great Britain»

Exercise 1. Translate the words.

private enterprises ­ –

manufacturing –

agriculture –

international trade –

self-sufficient –­­­

GDP –

GNP –

recession –

borrowing –

spending –

to reduce –

Chief imports –

metallic ores –

labour force –

distribution –

Exercise 2. Read the text.

The Economy of Great Britain.

The economy of Britain is based mostly on private enterprises. Different services and manufacturing are well devel­oped, while the agriculture does not take the leading place here. Britain has the possibility to use oil and natural gas from the North Sea and this makes the country self-sufficient in energy. More than half of domestic oil production Britain exports to other countries. The United Kingdom’s coal industry, despite its steady decline since the early 1950s, remains one of the largest and most technologically advanced in Europe.

We know that for any economy the international trade is very impor­tant. In Britain nearly 25 % of national production of goods and services are exported. 1981—1989 were the years of economical growth in Britain. But unfortunately as it often happens after the growing comes the reces­sion. Only in 1992 the rate of inflation went down. Today we can say for sure that manufacturing production of Britain grows much faster than in any other industrial country.

Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. It contributes around 2% of GDP.

In the north-west of England, Wales and Scotland, farmers keep cattle and sheep. Sheep can survive the cold winters on the hills and moors.

In the east of England (East Anglia), wheat, barley and vegetables grow in enormous fields.

In the south-west of England, the rich grass is ideal for feeding dairy cows.

Chief imports of Great Britain are metallic ores, except iron ore, food. Chief exports are China automobiles and other vehicles, wooden goods, steel, electrical and mechanical machinery, tractors, scientific instruments, chemicals, petroleum.

Just under half of the total population is in the labour force. The highest proportion of employees (more than two-thirds) is in the service sectors, financial services and distribution. Manufacturing, although it has declined, employs more than one-fifth of all workers. Smaller numbers are in construction, energy, agriculture, forestry and fishing.

To keep the economy at high level the government controls the infla­tion and public spending and borrowing. Markets and promote enterpris­es are not left without attention. Privatisation also takes its place. Nearly all major businesses are privatized now.

Exercise 3. Answer the questions.

1. What is the economy of Great Britain mostly based on?

2. What manufacturing is less developed in Britain?

3. What makes the country self-sufficient in energy?

4. What were the years of economical growth in Britain?

5. What are the chief imports of Great Britain?

6. What are the chief exports of Great Britain?

7. What does the government do to keep the economy at highlevel?

8. Why is Great Britain a good place for investments?