The United Kingdom is the 6th-largest national economy in the world (and 3rd-largest in Europe) measured by nominal GDP and 8th-largest in the world (and 2nd-largest in Europe) measured by purchasing power parity (PPP). The UK economy comprises (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland. In 2012 the UK was the 10th-largest exporter in the world and the 6th-largest importer, and had the 3rd-largest stock of inward foreign direct investment and the 2nd-largest stock of outward foreign direct investment. The UK is thus one of the world's most globalised economies. 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. The UK 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 (research and development). 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 £250 billion in 2007. There are significant regional variations in prosperity, with the South East of England and southern Scotland the richest areas per capita. London has the largest city GDP in Europe. In the 18th century the UK was the first country to industrialise and during the l9th 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 the two World Wars weakened the UK's relative position. However it still maintains a significant role in the world economy, particularly in financial services and the knowledge economy. The UK economy is currently recovering from a recession arising from the financial crisis of 2007/08, in which the UK experienced a deeper downturn than all of the G7 except Japan. In 2013, the UK experienced its fastest growth since 2007 and is currently the fastest growing major developed economy. It has been forecast that the UK will become the world's 5th-largest economy by 2016. 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.