United Kingdom Economy

The Economy of the United Kingdom is one of the most globalized, and the sixth largest in the world when measured by nominal GDP. It's eighth largest when measured by purchasing power parity. It's the third and second largest in Europe when also measured by these standards. GDP per capita is 22nd highest in the world both in nominal terms and when measured for purchasing power parity.

Alongside New York City, London is the world's largest financial center—it has the largest city GDP in Europe. Aerospace and pharmeceutical industries play a large role in the U.K's economy in addition to foreign investment and North Sea oil and gas reserves.

Since 1979, privatization and public competition have fueled a robust consumer market within the U.K., overtaking the once public owned domination of business that the country was known for. Despite this change, the pound sterling remains the world's third largest reserve currency after the U.S. dollar and Euro.

The U.K.'s economy, however, has been week since the beginning of the world wide recession that kicked off in the late 2000's. Growth has largely remained flat since 2010. Despite a double-dip recession that transpired between 2011 and 2012, it moved up to sixth place in the global economic league table, ousting Brazil from its former position.