Economy (United Kingdom)
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     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 with a generous admixture of social welfare
         programs and government ownership. Prime Minister MAJOR has continued the
         basic thrust of THATCHER's efforts to halt the expansion of welfare measures
         and promote extensive reprivatization of the government economic sector.
         Agriculture is intensive, highly mechanized, and efficient by European
         standards, producing about 60% of food needs with only 1% of the labor
         force. Industry is a mixture of public and private enterprises, employing
         about 27% of the work force and generating 22% of GDP. The UK is an
         energy-rich nation with large coal, natural gas, and oil reserves; primary
         energy production accounts for 12% of GDP, one of the highest shares of any
         industrial nation. In mid-1990 the economy fell into recession after eight
         years of strong economic expansion, which had raised national output by one
         quarter. Britain's inflation rate, which has been consistently well above
         those of her major trading partners, declined significantly in 1991. Between
         1986 and 1990 unemployment fell from 11% to about 6%, but crept back up to
         8% in 1991 because of the economic slowdown. As a major trading nation, the
         UK will continue to be greatly affected by world boom or recession, swings
         in the international oil market, productivity trends in domestic industry,
         and the terms on which the economic integration of Europe proceeds.
     GDP:
         purchasing power equivalent - $915.5 billion, per capita $15,900; real
         growth rate -1.9% (1991 est.)
     Inflation rate (consumer prices):
         5.8% (1991)
     Unemployment rate:
         8.1% (1991)
     Budget:
         revenues $435 billion; expenditures $469 billion, including capital
         expenditures of $NA (FY92 est.)
     Exports:
         $186.4 billion (f.o.b., 1991)
       commodities:
         manufactured goods, machinery, fuels, chemicals, semifinished goods,
         transport equipment
       partners:
         EC 53.2% (FRG 12.7%, France 10.5%, Netherlands 7.0%), US 12.4%
     Imports:
         $211.9 billion (c.i.f., 1991)
       commodities:
         manufactured goods, machinery, semifinished goods, foodstuffs, consumer
         goods
       partners:
         EC 52.2% (FRG 15.6%, France 9.3%, Netherlands 8.4%), US 11.5%
     External debt:
         $10.5 billion (1990)
     Industrial production:
         growth rate 0% (1991)
     Electricity:
         98,000,000 kW capacity; 316,500 million kWh produced, 5,520 kWh per capita
         (1991)