Economy

Over the last 250 years, Wales has been transformed first from a predominantly agricultural country to an industrial, and now a post-industrial economy.Since the Second World War, the service sector has come to account for the majority of jobs, a feature typifying most advanced economies. Total headline Gross Value Added (GVA) in Wales in 2009 was £44.5 billion, or £14,842 per head of population; 74.3 per cent of the UK average. In the three months to July 2010, the employment rate for working-age adults in Wales was 67 per cent, compared to 70.7 per cent across the UK as a whole.
From the middle of the 19th century until the post-war era, the mining and export of coal was a dominant industry. At its peak of production in 1913, nearly 233,000 men and women were employed in the South Wales coalfield, mining 56 million tons of coal. Cardiff was once the largest coal-exporting port in the world and, for a few years before the First World War, handled a greater tonnage of cargo than either London or Liverpool. In the 1920s, over 40% of the male Welsh population worked in heavy industry. According to Professor Phil Williams, the Great Depression "devastated Wales", north and south, due to its "overwhelming dependence on coal and steel". From the mid 1970s, the Welsh economy faced massive restructuring with large numbers of jobs in traditional heavy industry disappearing and being replaced eventually by new ones in light industry and in services.