The United Kingdom has the fifth-largest national economy (and second-largest in EU) measured by nominal GDP and tenth-largest in the world (and third-largest in the EU) measured by purchasing power parity (PPP). The UK has been the fastest growing economy in the G7 for 3 consecutive years as of October 2015. In 2014 the UK was the ninth-largest exporter in the world and the fifth-largest importer, and had the second largest stock of inward foreign direct investment and the second-largest stock of outward foreign direct investment. The UK is one of the world's most globalised economies. The UK economy comprises (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland.
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 (tied with New York). The British 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 £120 billion in 2011. There are significant regional variations in prosperity, with the South East of England and southern Scotland the richest areas per capita. The size of London's economy makes it the largest city by GDP in Europe.