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The economy of the United Kingdom is a highly developed social market economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), Tenth-largest by purchasing power parity (PPP), and twenty-first by nominal GDP per capita, constituting 3.1% of nominal world GDP. The United Kingdom constitutes 2.3% of world GDP by purchasing power parity (PPP).
The United Kingdom has one of the most globalised economies and comprises England, Scotland, Wales and Northern Ireland. It has a highly efficient and strong social security system, which comprises roughly 24.5% of GDP. In 2022, the United Kingdom was the fifth-largest exporter in the world and the fourth-largest importer. It also had the fourth-largest outward foreign direct investment, and the thirteenth-largest inward foreign direct investment. In 2022, the United Kingdom's trade with the European Union accounted for 42% of the country's exports and 48% of its imports. (Full article...)