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52-648: A small dockyard facility was first established in Simon's Town by the Dutch East India Company in 1743. This was taken over by the British Royal Navy (RN) in the 1790s, under whom the facility was further developed over the following century and a half. A pair of handsome stone storehouses dating from the 1740s stand on the seafront where they were built by the Dutch East India Company, marking

104-614: A breakwater of 914 metres (3,000  ft ) in length. It also contained a drydock 240 metres (790 ft) long and 29 metres (95 ft) wide, with a sizeable steam factory constructed alongside. The drydock was named the Selborne Graving Dock after the Earl of Selborne , the High Commissioner of the Cape . Work on the Simon's Town dockyard was completed in 1910. The naval base

156-635: A federation and a confederation . As one entity, the union is one of the largest economies in the world, having influence on regulations in the global economy due to the size of its single market with Iceland , Liechtenstein , Norway , and Switzerland . Throughout this article "Europe" and derivatives of the word are taken to include selected states whose territory is only partly in Europe, such as Turkey , Azerbaijan and Georgia , and states that are geographically in Asia, bordering Europe and culturally adherent to

208-508: A large shipyard will contain many specialised cranes , dry docks , slipways , dust-free warehouses, painting facilities and extremely large areas for fabrication of the ships. After a ship's useful life is over, it makes its final voyage to a ship-breaking yard, often on a beach in South Asia . Historically ship-breaking was carried out in drydock in developed countries, but high wages and environmental regulations have resulted in movement of

260-587: A long history of trade, a free market system, and a high level of development in the previous century are generally in the north and west of the continent. They tend to be wealthier and more stable than countries congregated in the European East and South, even though the gap is converging, especially in Central and Eastern Europe, due to higher growth rates. The poorest states are those that just emerged from communism, fascist dictatorships and civil wars, namely those of

312-422: A result of it. Chemical manufacturers and wholesalers were the first to respond, with one in three expanding online business activity, beginning or boosting delivery of products and services, increasing remote employment, and changing manufacturing. Economic activity decreased by almost 4% in the majority of sub-regions in 2020, which was similar to the global average of 3.2%. However, the variance between nations

364-584: A rival trade bloc to the EU, open to any previous USSR state, (including both the European and Asian states). 12 of the 15 signed up, with the three Baltic states deciding to align themselves with the EU. Despite this, the three Caucasus states have said in the past they would one day consider applying for EU membership, particularly Georgia. This is also true of Ukraine since the Orange Revolution . Slovenia became

416-762: A whole had become more stable, however problems in Greece and slow recovery in Italy and in Iberia (Spain and Portugal) continue in keeping growth in the Euro area to a minimum. Germany continues to lead Europe in stability and growth, while both the UK and Ireland are seeing strong growth of 3–4%. Unemployment in Ireland reducing at the fastest levels in Europe, expected to reach 8% by 2016, down from double that in 2011. The Czech Republic and Germany have constantly

468-485: Is a supranational union of 27 European states, the most recent acceding member being Croatia, which became full member on 1 July 2013. It has many functions, the most important being the establishment and maintenance of a common single market, consisting of a customs union, a single currency (adopted by 18 of the 27 member states ), a Common Agricultural Policy and a Common Fisheries Policy. The European Union also undertakes various initiatives to co-ordinate activities of

520-532: Is led by Nestlé from Switzerland. Companies like HSBC , Vodafone , TotalEnergies and BNP Paribas have all also sled in their respective industries against American and Asian competitors. In addition, former technologic heavyweights like Nokia , Ericsson and Alcatel have also declined against evolving American companies in the Silicon Valley . While the bottom 80% of the European population's income has increased by an estimated 40% on average since 1980,

572-510: Is more than $ 20 trillion. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro , brought participating European countries closer through the convenience of a shared currency. Various European states have increased their economic links through regional integration . The EU is a sui generis political entity, combining the characteristics of both

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624-634: Is prominent. The high infection and mortality rates of the pandemic in countries in the Western Balkans , the Eastern Neighbourhood, and Central and Eastern Europe meant they faced deeper recessions. The European Union has the second largest economy in the world, behind that of the United States. Trade within the Union accounts for more than one-third of the world total. The European Union or EU

676-637: The COMECON group were struggling, mainly due to the massive cost of the Cold War . The GDP and the living standards of Central and Eastern European states were lower than in other parts of Europe. The European Community grew from 6 original members following World War II, to 12 in this period. Average living standards in Europe rose significantly during the post-war period, as characterised by these findings: Per capita private consumption (PPSs) in 1980 Per capita personal disposable income (PPSs) in 1980 When

728-655: The EU states plus Norway , Iceland and Liechtenstein . A Joint Committee consisting of the non EU members plus the European Commission (representing the EU) has the function of extending relevant EU Law to the non EU members. The Commonwealth of Independent States (CIS) is a confederation consisting of 9 of the 15 states of the former Soviet Union, (the exceptions being the three Baltic states , Georgia, Turkmenistan, and Ukraine (Turkmenistan and Ukraine are participating states in

780-646: The European Exchange Rate Mechanism , of which some of these countries are already part. Most European economies are in very good shape, and the continental economy reflects this. Conflict and unrest in some of the former Yugoslavia states and in the Caucasus states are hampering economic growth in those states, however. In response to the massive EU growth, in 2005 the Russian-dominated Commonwealth of Independent States (CIS) created

832-779: The United Arab Emirates , Ukraine , the United Kingdom , the United States and Vietnam . The shipbuilding industry is more fragmented in Europe than in Asia where countries tend to have fewer, larger companies. Many naval vessels are built or maintained in shipyards owned or operated by the national government or navy. Shipyards are constructed near the sea or tidal rivers to allow easy access for their ships. The United Kingdom , for example, has shipyards on many of its rivers. The site of

884-624: The United Kingdom became the first nation to vote to leave the European Union since its modern iteration in the post- Cold War era, reducing the number of the said bloc's membership down to 27 member states for the time being. U.K.'s exit prolonged the country's ongoing economic recession beyond the COVID pandemic era in the 2020s decade. In 2022, the Russian war on Ukraine prompted both Ukraine and Moldova to be granted immediate candidate status by

936-693: The World Bank ), upper middle income in green ($ 4,086 – $ 12,615) and lower middle income ($ 1,036 – $ 4,085) in yellow. The predicted impact of the COVID-19 pandemic on GDP is greatest in Southern Europe , where structural improvements are expected to enhance GDP levels by up to 5% by 2030, with the effect decreasing to 2.5% by 2040. The effect is projected to be a little less than 1% in Western Europe and Northern Europe , with cross-border spillover effects from

988-512: The evolution of dockyards and shipyards has often caused them to change or merge roles. Countries with large shipbuilding industries include Australia , Brazil , China , Croatia , Denmark , Finland , France , Germany , India , Ireland , Italy , Japan , the Netherlands , Norway , the Philippines , Poland , Romania , Russia , Singapore , South Korea , Sweden , Taiwan , Turkey ,

1040-639: The ' Eastern Bloc ' dissolved around 1992, these states struggled to adapt to free-market systems. There was, however, a huge variation in degrees of success, with Central European states such as the Czech Republic, Hungary, Slovakia, Slovenia and Poland adapting reasonably quickly, whilst states that used to form the USSR such as Russia, Belarus and Ukraine struggled to reform their crumbling infrastructures. Many developed European countries were quick to develop economic ties with fellow European states, where democracy

1092-453: The 16th century the enterprise employed 16,000 people. Spain built component ships of the Great Armada of 1588 at ports such as Algeciras or Málaga . Economy of Europe The economy of Europe comprises about 748 million people in 50 countries. The difference in wealth across Europe can be seen roughly in the former Cold War divide, with some countries breaching

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1144-561: The 1990s. The European economy was affected by the September 11 Attacks in the United States in 2001, with Germany, Switzerland, France, and the United Kingdom being the worst hit. But, in 2002/2003, the economy began to recover from the attacks in US. The total size of the economy of Europe was by this time dominated by the EU, a union with then 15 of Europe's states as full members. EU membership

1196-581: The CIS)). Although the CIS has few supranational powers, it is more than a purely symbolic organization and possesses co-ordinating powers in the realm of trade, finance, lawmaking and security. It 2012 the Commonwealth of Independent States Free Trade Area was established. The Central European Free Trade Agreement (CEFTA) is a trade bloc of: Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro, Serbia and

1248-518: The Cold War, and for many years unified Germany struggled to build infrastructure in the former East Germany up to the level of former West Germany. Peace did not come to Yugoslavia for a decade, and by 2003, there were still many NATO and EU peacekeeping troops present in Bosnia and Herzegovina, North Macedonia, and Kosovo. War severely hampered economic growth, with only Slovenia making any real progress in

1300-606: The European Free Trade Association (EFTA) and the European Union (EU). It was designed to enable EFTA countries to participate in the European Single Market without having to join the EU. In a referendum, Switzerland (ever keen on neutrality) chose not to participate in the EEA (although it is linked to the European Union by bilateral agreements similar in content to the EEA agreement), so the current members are

1352-498: The European Union for economic and security reasons, with Bosnia and Herzegovina and Georgia following suit by the end of the following year. Croatia recently became the newest member of the Eurozone after officially adopting the euro as its currency in the beginning of 2023, while Finland and Sweden became the newest members of the NATO the following year. European countries with

1404-580: The European Union, and adopted the euro on 1 January 2023. In 2008, the Global Financial Crisis, triggered by the housing bubble in the United States, caused a significant decline in the GDP of the majority of the European economies, which was a precedent to a far broader and more problematic Eurozone debt crisis , which threatened the collapse of economies in the south, particularly Greece , Portugal and Spain . Having also been hit hard, Ireland exited

1456-456: The European Union, creating a trade bloc with fewer central powers. The EFTA member states as of 1992 were Austria, Denmark, Finland, Iceland, Liechtenstein, Norway, Sweden and Switzerland. In 2014 only four countries, Iceland, Norway, Switzerland and Liechtenstein, remained members of EFTA, as the other members have gradually left to join the EU. The European Economic Area (EEA) came into being on 1 January 1994 following an agreement between

1508-463: The Eurozone and continue with their own currencies, namely Denmark, Sweden and the United Kingdom. In early 2004, 10 mostly former communist states joined the EU in its biggest ever expansion , enlarging the union to 25 members, with another eight making associated trade agreements. The acceding countries are bound to join the Eurozone and adopt the common currency euro in the future. The process includes

1560-500: The ancient Greek city on the Gulf of Corinth, Naupactus , means "shipyard" (combination of the Greek words ναύς naus : "ship, boat"; and πήγνυμι pêgnumi , pegnymi : "builder, fixer"). Naupactus' reputation in this field extended back into legendary times – the site is traditionally identified by Greek authors such as Ephorus and Strabo as the place where a fleet was said to have been built by

1612-522: The assets of the Simon's Bay Dock and Patent Slip Company to the British Admiralty . By the close of the century, however, it became clear that more space would be needed to accommodate the requirements of a modern Navy. In 1898, a large site was acquired to the east of the original Yard for a dockyard extension. Sir John Jackson and Co Ltd. were chosen to do the work. Construction began in 1900. The new harbour encompassed an area of 11 hectares, with

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1664-521: The average standard of living in Western Europe is very high: "The bulk of the population in Western Europe still enjoys the highest living standards in the world, and in the world's history." Prior to World War II , Europe's major financial and industrial states were the United Kingdom, France and Germany. The Industrial Revolution , which began in Britain, spread rapidly across Europe, and before long

1716-661: The continent, such as Armenia and Cyprus . Europe's largest national economies by nominal GDP over US$ 1.0 trillion are: Of the top 500 largest corporations measured by revenue ( Fortune Global 500 in 2010), 184 have their headquarters in Europe. 161 are located in the EU, 15 in Switzerland, 6 in Russia, 1 in Turkey, 1 in Norway. As noted in 2010 by the Spanish sociologist Manuel Castells ,

1768-499: The crisis in mid-2013. Meanwhile, increased bailouts of the International Monetary Fund and European Central Bank alleviated somehow the situation in the debt-stricken nations, with Central and East European economies led by Germany escaping the worst of the 2010s debt crisis. By the mid-2010s, 2014–2015, Ireland was recovering at a steady pace having graduated from the bail out programme successfully. The Eurozone as

1820-571: The divide ( Greece , Portugal , Slovenia , the Czech Republic , Lithuania , Latvia and Estonia ). Whilst most European states have a GDP per capita higher than the world's average and are very highly developed , some European economies, despite their position over the world's average in the Human Development Index , are relatively poor. Europe has total banking assets of more than $ 50 trillion and its Global assets under management

1872-407: The entire continent was at a high level of industry. World War I briefly led to the industries of some European states stalling, but in the run-up to World War II Europe recovered well and was competing with the ever-increasing economic might of the United States of America. However, World War II caused the destruction of most of Europe's industrial centres and much of the continent's infrastructure

1924-410: The first republic from the former Yugoslavia as well as the first formerly communist nation overall to adopt the EU currency, the euro , in 2007, followed by Malta and Cyprus in 2008, and Slovakia in 2009. In 2011, Estonia became the first republic from the former Soviet Union to adopt the euro, followed by Latvia in 2014, and Lithuania in 2015. In 2013, Croatia became the 28th member of

1976-464: The former Soviet Union and Yugoslavia , with some exceptions. Former Western Bloc itself presents some living standards and development differences, with the greatest contrast seen between the Nordics (Norway, Denmark, Sweden, Finland) and Greece, Portugal, Spain and Italy. Below is a map of European countries by gross national income per capita. High income in blue ($ 12,616 or more, as defined by

2028-612: The industry to third-world regions. The oldest structure sometimes identified as a dockyard was built c.  2400 BC by the Indus Valley civilisation in the Harappan port city of Lothal (in present-day Gujarat, India ). Lothal's dockyards connected to an ancient course of the Sabarmati river on the trade route between Harappan cities in Sindh and the peninsula of Saurashtra when

2080-582: The initial location of the Yard. Immediately adjacent is the earliest Royal Naval building on the site: a combined mast-house, boathouse and sail loft; dating from 1815, it now serves as the South African Naval Museum . Over the next few decades, the site was developed gradually, with steam engineering and coaling facilities being added mid-century. In 1885, the government of the Cape Colony transferred

2132-557: The legendary Heraclidae to invade the Peloponnesus . In the Spanish city of Barcelona , the Drassanes shipyards were active from at least the mid-13th century until the 18th century, although at times they served as a barracks for troops as well as an arsenal. During their time of operation the Drassanes were continuously changed, rebuilt and modified, but two original towers and part of

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2184-576: The lowest unemployment rate in the EU. Growth outlook in general remains optimistic for Europe in the future. With positive growth expected across the Euro area. Although uncertainty still surrounds Greece and debt payments in the Greek state, at present things appear stable. European businesses have been in decline against worldwide ones since the crisis. Of the 50 most valuable global firms, only seven were European as of 2015, compared to 17 in 2006. Out of 24 economic sectors, Europe only leads in one - food, which

2236-492: The member states. The union has evolved over time from a primarily economic union to an increasingly political one. This trend is highlighted by the increasing number of policy areas that fall within EU competence: political power has tended to shift upwards from the Member States to the EU. The European Free Trade Association (EFTA) was established on 3 May 1960 as an alternative for European states that did not wish to join

2288-626: The original eight construction-naves remain today. The site is currently a maritime museum. From the 14th century, several hundred years before the Industrial Revolution , ships were the first items to be manufactured in a factory – in the Venice Arsenal of the Venetian Republic in present-day Italy . The Arsenal apparently mass-produced nearly one ship every day using pre-manufactured parts and assembly lines . At its height in

2340-533: The present-day surrounding Kutch desert formed a part of the Arabian Sea . Lothal engineers accorded high priority to the creation of a dockyard and a warehouse to serve the purposes of maritime trade. The dock was built on the eastern flank of the town, and is regarded by archaeologists as an engineering feat of the highest order. It was located away from the main current of the river to avoid silting, but provided access to ships at high tide as well. The name of

2392-774: The rest of Europe accounting for half of the predicted impact. A survey conducted in 2021 found that many businesses cut back on operations as a result of the COVID-19 epidemic, resulting in a significant decline in revenue and job changes. Due to the pandemic, over 40% of the businesses surveyed had to close temporarily. Sales in the region declined by roughly 25% on average, but there was substantial variation within sub-regions. One out of every five businesses launched or grew their online business or distribution of products and services, while one out of every four businesses started or increased their remote operations. The pandemic has also hastened corporate transformation, with over 30% of companies altering or transforming their output as

2444-532: The top 1%'s pre-tax income has more than doubled. Employment in the European Union reached a new high in 2019. While many social and economic indicators have converged across EU regions, the global financial crisis resulted in a sharp divergence in unemployment rates. Recently, these ranged from less than 2% in Prague to more than 20% in parts of Greece, southern Spain, and southern Italy. Rapid technological change also had an effect on medium-skilled workers resulting in more low-skilled jobs being taken up. In 2016,

2496-465: Was handed over to South Africa in 1957 under the Simonstown Agreement . The Dockyard was expanded in 1975, a large area of land was reclaimed and the harbour walls were extended to form a new Tidal Basin. As of December 2015, it is the main base of the South African Navy, and home port of the frigate and submarine flotillas . The base also houses training facilities for the frigates and submarines. In December 2015, Naval Base Durban in Durban harbour

2548-408: Was laid to waste. Following World War II, European governments were in tatters. Many non-Socialist European governments moved to integrate their economies, laying the foundation for what would become the European Union . This meant a huge increase in shared infrastructure and cross-border trade. Whilst these European states rapidly improved their economies, by the 1980s, the state-run economies of

2600-544: Was redesignated back to a fully fledged naval base and home port of the offshore patrol flotilla. Shipyard A shipyard , also called a dockyard or boatyard , is a place where ships are built and repaired. These can be yachts , military vessels, cruise liners or other cargo or passenger ships. Compared to shipyards, which are sometimes more involved with original construction, dockyards are sometimes more linked with maintenance and basing activities. The terms are routinely used interchangeably, in part because

2652-485: Was reintroduced. After the Revolutions of 1989, states in Central Europe and the Baltic states dealt with change, former Yugoslavian republics descended into war and Russia, Ukraine and Belarus are still struggling with their old systems. Europe's largest economy, Germany, struggled upon unification in 1991 with former communist German Democratic Republic , or East Germany , influenced by the Soviet Union . The GDR had much of its industrial infrastructure removed during

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2704-454: Was seen as something to aspire to, and the EU gave significant support and aid to those Central and Eastern European states willing to work towards achieving economies that met the entry criteria. During this time, 12 of the 15 members of the EU became part of the Eurozone , a currency union launched in 1999, whereby each member uses a shared currency, the euro, which replaced their former national currencies. Three states chose to remain outside

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