The United Kingdom has the fifth-largest national economy (and second-largest in Europe) measured by nominal GDP and tenth-largest in the world measured by purchasing power parity (PPP). 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.[21][22] The UK is one of the world's most globalised economies.[23] The UK economy comprises (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland.