Matches in DBpedia 2016-04 for { <http://wikidata.dbpedia.org/resource/Q323138> ?p ?o }
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- Q323138 abstract "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.In the 18th century the UK was the first country to industrialise and during the 19th century had a dominant role in the global economy. From the late 19th century the Second Industrial Revolution in the United States and Germany presented an increasing economic challenge, and the costs of fighting World War I and World War II further weakened the UK's relative position. However, as of 2016 it still remains a great power with global strengths and an influential role in the world economy.In 2008, the UK entered a recession during the financial crisis of 2007–08, its first for nearly two decades, and initially experienced a deeper downturn than all of the G7 except Japan. However, since 2013 the UK has been in a nascent economic recovery and is firmly in expansion territory. The UK economy is now (Q4 2015) 6.6% bigger than its pre-crisis peak and 13.5% bigger than its lowest point in 2009. The UK was the fastest growing economy out of the G7 members in 2013, 2014 and 2015 (estimated). As of 2016, it is suggested that the UK will continue to be the fastest growing economy out of the G7 members. Since 2010, the Government has been pursuing an austerity program aimed at cutting the budget deficit. In the financial year 2009–2010 this was 11% of GDP, it was 3.9% in 2015.Government involvement in the British economy is primarily exercised by HM Treasury, headed by the Chancellor of the Exchequer, and the Department for Business, Innovation and Skills. Since 1979 management of the UK economy has followed a broadly laissez-faire approach. The Bank of England is the UK's central bank and its Monetary Policy Committee is responsible for setting interest rates. The currency of the UK is the pound sterling, which is also the world's third-largest reserve currency after the US dollar and the euro, and also the fourth-most-valued currency in the world, behind the Kuwaiti Dinar, Bahraini Dinar, and Omani Rial, and the most valued currency outside the Middle East. The UK is a member of the Commonwealth of Nations, the European Union, the G7, the G8, the G20, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank, the World Trade Organisation, Asian Infrastructure Investment Bank and the United Nations.".
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