Economy
Main article: Economy of SwanseaSwansea originally developed as centre for metals and mining, especially the copper industry, from the beginning of the 18th century. The industry reached its apogee in the 1880s, when 60% of the copper ores imported to Britain were smelted in the Lower Swansea valley. However, by the end of the Second World War these heavy industries were in decline, and over the post-war decades Swansea shared in the general trend towards a post-industrial, service sector economy.
Of the 105,900 people estimated to work within the City and County of Swansea, over 90% are employed in the service sectors, with relatively high shares (compared to the Welsh and UK averages) in public administration, education & health and banking, finance & insurance, and correspondingly high proportions of employment in occupations associated with the service sector, including professional, administrative/secretarial and sales/customer service occupations. The local authority believes this pattern reflects Swansea's role as a service centre for South West Wales.
Economic activity and employment rates in Swansea were slightly above the Welsh average in October 2008, but lower than the UK average. In 2005, GVA per head in Swansea was £14,302 – nearly 4% above the Welsh average but 20% below the UK average. Median full-time earnings in Swansea were £21,577 in 2007, almost identical to the Welsh average.
Swansea is home to the DVLA headquarters based in Morriston which employs around 6,000 people in the city. Other major employers in the city are Admiral Group, HSBC, Virgin Media, Abertawe Bro Morgannwg University Health Board, BT and Amazon.co.uk.
Read more about this topic: City And County Of Swansea
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
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—Doris Lessing (b. 1919)