Britain became the world's first industrialised country in the mid 19th century. Wealth was based on manufacturing iron and steel, heavy machinery and cotton textiles, and on coal mining, shipbuilding and trade. Manufacturing still plays an important role and Britain excels in high-technology industries like chemicals, electronics, aerospace and offshore equipment, where British companies are among the world's largest and most successful. The British construction industry has made its mark around the world and continues to be involved in prestigious building projects.
The most important industrial developments in the past 20 years or so in Britain have been the exploitation of North Sea oil and gas, and the rapid development of microelectronic technologies and their widespread application in industry and commerce. At the same time service industries have been assuming ever-increasing importance and now account for around two-thirds of output and employment. There has been a steady rise in the share of output and employment - now around 80 and 75 per cent respectively - accounted for by private-sector enterprises as privatisation of the economy has progressed.
Britain, the world's fifth largest trading nation, belongs to the European Union (EU), the biggest established trade grouping in the world.