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20th century ĭespite explosive growth in the early 1900s, by the 1920s it was apparent that Wales was facing economic difficulties, largely because of its reliance on older heavy industry rather the newer, growing light industry sectors that were becoming established in the more prosperous parts of England. As most of the workforce were drawn from rural, Welsh-speaking communities, slate quarrying was described by one historian as "the most Welsh of Welsh industries". At its height in the 1890s, there were dozens of quarries employing around 15,000 men, although they suffered from the boom and bust nature of the construction industry. 19th century Īlthough a much smaller industry than coal, the slate industry in Wales became the world's largest supplier in the 19th century and had an enduring impact on the landscape of North Wales. However, coal mining for sale developed in earnest from the mid 19th century and this was to become the signature industry of the region, transforming the economic and social landscape of the South Wales Valleys. Metallurgical industries required ever increasing quantities of coal, which was initially largely mined for this purpose. The northern rim of the South Wales Coalfield, focused on Merthyr, became Britain's foremost iron-producing district in the second half of the 18th century, while the south-western part of the coalfield, around Swansea, emerged as an important centre of non-ferrous metal smelting and tinplate production. The development of iron smelting by coke made the South Wales Valleys a natural industrial location during the Industrial Revolution and, from the mid 18th century, increased demand for metals and coal was generated first by war and later by the advent of steamships and railways. Industrial development from the mid 18th century was stimulated by the potential of Wales' rich mineral deposits, the arrival of English entrepreneurs and financiers and advances in technology. The drovers were instrumental in establishing the first banks in Wales, such as Banc Y Ddafad Ddu ("Black Sheep Bank") in Aberystwyth. Commerce was most advanced in the small coastal ports that had regular commerce with Bristol or Liverpool the other major sources of external trading contact were the drovers, who drove cattle from Mid Wales along Drovers roads for sale and slaughter in the English Midlands and London's Smithfield Market from the 14th century onwards. Until the mid 18th century, economic development in Wales was restricted by its peripheral location, predominantly upland topography, bad communications and sparse population. In 2019 Wales generated tax revenue of £27bn, which is around 36% of GDP, and has expenditure of £40.1bn, leaving an deficit of £13.1bn.Ī profile of the economy of Wales in 2012 18th century GDP per head in Wales in 2018 was £23,866, an increase of 2.9% on 2017. However, in 2018, according to OECD and Eurostat data, gross domestic product (GDP) in Wales was £75 billion, an increase of 3.3% from 2017. More than one in five people in Wales were living in poverty between 20. The percentage of all individuals, living in relative income poverty in Wales in 2016–17 was 23%, compared to 22% in England, and only 19% in Scotland and Northern Ireland. This featured alongside nine other regions of similar income lying in England and mainland Europe. In 2017, the area of lowest income in Northern Europe was West Wales and the Valleys. The monetary policies which create the economy of Wales are, on the whole, created by the United Kingdom Government and as such, Wales is not allowed to borrow money, issue bonds, exercise quantitative easing etc. All values, unless otherwise stated, are in US dollars.