The statistic shows the GDP of the United Kingdom between 2003 and 2013. In 2012, GDP of the United Kingdom was at around 2.4 trillion US dollars.
Private-sector-led economic recovery
GDP is counted among the primary indicators that are used to gauge the state of health of a national economy. GDP is the total value of all completed goods and services that have been produced within a country in a given period of time, usually a year. GDP figures allow us to gain a broader understanding of a country’s economy in a clear way. Real GDP, in a similar way, is also a rather useful indicator; this is a measurement that takes prices changes (inflation and deflation) into account, thereby acting as a key indicator for economic growth.
The gross domestic product of the United Kingdom is beginning to show signs of recovery since seeing a sharp decline in the wake of the financial crisis. The falling rate of unemployment in the United Kingdom is also giving positive signals that the worst could be over for the country. However, some concerns have arisen about what forms of employment are being represented, how stable the jobs are, and whether or not they are simply being cited by officials in government as validation for reforms that are criticized by opponents as being ‘ideologically motivated’. Whatever the political motivation, the coalition government’s efforts to let the private sector lead the economic recovery through increasing employment in the UK in the private sector appear, for now at least, to be working.