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The United Kingdom is the world's sixth largest economy when ranked by nominal GDP and the seventh largest according to purchasing power parity. Its GDP PPP per capita is the 18th highest in the world. The United Kingdom is a member of the G8; the Commonwealth of Nations; the Organisation for Economic Co-operation and Development; the World Trade Organisation; and the European Union.

The UK was the first country in the world to industrialise in the 18th and 19th centuries, and for much of the 19th century possessed a predominant role in the global economy. However, by the late 19th century, the Second Industrial Revolution in the United States meant the US had begun to challenge Britain's role as the leader of the global economy. The extensive war efforts of both World Wars in the 20th century and the dismantling of the British Empire also weakened the UK economy in global terms; eventually Britain had been superseded by the United States as the chief player in the global economy. At the start of the 21st century however, the UK still possesses a significant role in the global economy, due to its large Gross Domestic Product and the financial importance that its capital, London, possesses in the world.

The United Kingdom is one of the world's most globalised countries. London is a major financial centre for international business and commerce and is one of four "command centres" for the global economy (along with New York City, Paris, and Tokyo).The British economy is made up (in descending order of size) of the economies of England, Scotland, Wales and Northern Ireland. In 1973, the UK acceded to the European Economic Community, which is now known as the European Union after the ratification of the Treaty of Maastricht in 1993.

Along with much of the world, the UK entered a recession in Q3 of 2008. As of June 2009, the economy had shrunk by 5.6% compared to the year before. In July 2009, the Office of National Statistics figures for the second quarter of 2009 showing that the economy shrank by 0.8%, an improvement compared to the previous quarter. Some forecasts expect the UK to enter growth in the third quarter as the last economy to do so out of the EU's largest three economies (Germany, UK, France) and also the forth out of the G8 countries in a recession to resume growth (after Germany, France, Japan). The UK is expected to grow by around 0.7% in Q3 of 2009.

Useful Links
EconomyWatch.com

The Office for National Statistics

The Daily Telegraph economic pages. One of the UK's leading printed and on-line press

The BBC economic pages. The leading news media organisation in the UK.

HM Treasury

Institute of Economic Affairs

The Economist - Country briefing on Britain

United Kingdom Parliament

Reuters UK

London School of Economics and Political Science

Financial Times

The Times on-line. Business and economic pages of a leading UK media company