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Economy of the United Kingdom

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The United Kingdom has the 6th-largest national economy in the world (and 3rd-largest in Europe) measured by nominal GDP and 8th-largest in the world (and 2nd-largest in Europe) measured by purchasing power parity (PPP). The UK economy comprises (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland. In 2013 the UK was the 4th-largest exporter in the world and the 4th-largest importer, and had the 2nd-largest stock of inward foreign direct investment and the 2nd-largest stock of outward foreign direct investment. The UK is one of the world's most globalised economies. The service sector dominates the UK economy, contributing around 78% of GDP; the financial services industry is particularly important and London is the world's largest financial centre. The UK aerospace industry is the second- or third-largest national aerospace industry depending on the method of measurement. The pharmaceutical industry plays an important role in the economy and the UK has the third-highest share of global pharmaceutical R&D. The automotive industry is also a major employer and exporter. The British economy is boosted by North Sea oil and gas production; its reserves were valued at an estimated £250 billion in 2007. There are significant regional variations in prosperity, with the South East of England and southern Scotland the richest areas per capita. London has the largest city GDP in Europe. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
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