The economy of Cornwall, in South West England, is largely dependent upon agriculture followed by tourism. Cornwall is one of the poorest areas in the United Kingdom with a GDP of 62% of the national average, and is one of four UK areas that qualifies for poverty-related grants from the EU (European Social Fund). Farming and food processing put £1 billion a year into the Cornish economy in 2007. The Cornish economy also depends heavily on its successful tourist industry which contributes 24% of Cornwall's GDP and supports about 1 in 5 jobs (19% in Kerrier, Restormel and Scilly, 24% in Penwith, 23% in North Cornwall, 22% in Carrick and 14% in Caradon).
Read more about Economy Of Cornwall: Statistics, Objective One Funding in Cornwall, Tourism, Creative Industries, Deprivation and Poverty, South West Regional Assembly and South West Regional Development Agency
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)