Cornwall - Economy

Economy

Main article: Economy of Cornwall

Cornwall is one of the poorest areas in the United Kingdom. The GVA per head was 65% of the UK average for 2004. The GDP per head for Cornwall and the Isles of Scilly was 79.2% of the EU-27 average for 2004, the UK per head average was 123.0%.

Historically mining of tin (and later also of copper) was important in the Cornish economy. The first reference to this appears to be by Pytheas: see above. Julius Caesar was the last classical writer to mention the tin trade, which appears to have declined during the Roman occupation. The tin trade revived in the Middle Ages, and the Cornish Rebellion of 1497 is attributed to tin miners. In the mid-nineteenth century, however, the tin trade again fell into decline. Other primary industries that have declined since the 1960s include china clay production, fishing and farming

Today, the Cornish economy depends heavily on its tourist industry, which makes up around a quarter of the economy. The official measures of deprivation and poverty at district and 'sub-ward' level show that there is great variation in poverty and prosperity in Cornwall with some areas among the poorest in England and others among the top half in prosperity. For example, the ranking of 32,482 sub-wards in England in the index of multiple deprivation (2006) ranged from 819th (part of Penzance East) to 30,899th (part of Saltash Burraton in Caradon), where the lower number represents the greater deprivation.

Cornwall is one of four UK areas that qualify for poverty-related grants from the EU: it was granted Objective 1 status by the European Commission, followed by a further round of funding known as 'Convergence Funding'.

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