Economy of Wales and Wales's information

Wales

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Parts of Wales have been heavily industrialised since the 18th century and the early Industrial Revolution. Coal, copper, iron, silver, lead, and gold have been extensively mined in Wales, and slate has been quarried. By the second half of the 19th century, mining and metallurgy had come to dominate the Welsh economy, transforming the landscape and society in the industrial districts of south and north-east Wales.

From the middle of the nineteenth century until the mid 1980s, the mining and export of coal was a major part of the Welsh economy. Cardiff was once the largest coal exporting port in the world[6] and, for a few years before World War One, handled a greater tonnage of cargo than either London or Liverpool.

From the early 1970s, the Welsh economy faced massive restructuring with large numbers of jobs in traditional heavy industry disappearing and being replaced eventually by new ones in light industry and in services. Over this period Wales was successful in attracting an above average share of foreign direct investment (FDI) in the UK. However, much of the new industry has essentially been of a 'branch factory' type, often routine assembly employing low skilled workers.

Wales has struggled to develop or attract high value-added employment in sectors such as finance and research and development, attributable in part to a comparative lack of economic mass (i.e. population) - Wales lacks a large metropolitan centre and most of the country, except south east Wales, is sparsely populated. The lack of high value-added employment is reflected in lower economic output per head relative to other regions of the UK - in 2002 it stood at 90% of the EU25 average and around 80% of the UK average. However, care is needed in interpreting these data, which do not take account of regional differences in the cost of living. The gap in real living standards between Wales and more prosperous parts of the UK is not pronounced.
In 2002, the Gross Domestic Product (GDP) of Wales was just over £26 billion ($48 billion), giving a per capita GDP of £12,651 ($19,546). As of 2006, the unemployment rate in Wales stood at 5.7% - above the UK average, but lower than in the majority of EU countries.

As with the rest of the United Kingdom, the currency used in Wales is the pound sterling, represented by the symbol £. The Bank of England, created as the central bank for the Kingdom of England (which included Wales), is responsible for the currency of the entire United Kingdom. Banks in Wales, unlike those in Scotland and Northern Ireland, do not have the right to issue banknotes. The Royal Mint, who issue the coinage circulated over the whole of the UK, have been based at a single site in Llantrisant, south Wales since 1980, having been progressively transferring operations from their Tower Hill, London site since 1968. Since decimalisation, in 1971, at least one of the coins in UK circulation has depicted a Welsh design, e.g. the 1995 and 2000 one Pound coin (shown left). However, Wales is not represented on any of the coins being minted.

Due to poor-quality soil, much of Wales is unsuitable for crop-growing, and livestock farming has traditionally been the focus of agriculture. The Welsh landscape (protected by three National Parks) and 42 Blue Flag beaches, as well as the unique culture of Wales, attract large numbers of tourists, who play an especially vital role in the economy of rural areas..
More information about Geography and Climate of Wales...http://en.wikipedia.org/wiki/Wales#Economy

Economy of Wales

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