UK GDP - Statistics & Facts

Gross domestic product (GDP) is an economic indicator that measures the economic health of a country. Calculated on either a quarterly or annual basis, GDP is one of the most frequently used indicators of economic activity. GDP comprises of the value of all goods and services produced in a specific country irrespective of their purpose. It totals private and public consumption, investments, government expenditure and net exports. GDP is a measure of the entire size of an economy, yet it’s not adjusted for a country’s size, therefore its uniformity is well suited for national GDP comparisons.

In 2016, the annual total value of UK GDP reached a peak of 1.94 billion British pounds, this arose as a result of continual annual increases following the downtrend of 2009, whereby there was an annual decrease in British output, dropping to pre-2007 levels; this anomaly was due to the 2008 global financial crisis. During this time the year-on-year GDP development rate had decreased by 4.3 percent. By 2010 the market had recovered and from then on the UK GDP growth rate has increased for the remainder of the period. By 2016 the value of UK GDP had increased by almost double the value of 2000.

A sizable source of UK GDP is generated in Scotland, yet Scottish GDP is significantly smaller than that of the entire nation. Compared to the rest of the UK, Scotland has a much less significant output in GDP. GDP is further diminished when excluding North Sea GDP, although due to the country's low population, and sparse population density this amounts to an increased rate in GDP per capita compared to the rest of the country.

Furthermore, this rate for the whole of the nation is expected to grow in the coming years, as evidenced by a statistic on GDP per capita growth rate. Collectively the GDP growth rate of the United Kingdom has undergone decreases each year since 2014, however, forecast comparisons of UK GDP trends predict consecutive years of an increasing growth rate in the coming years.

Forecast UK GDP figures show an expected growth to the value of 2.281 trillion British pounds by 2021/2022, effectively increasing by at least 2.1 percent upon the previous year by the majority of the foreseeable forecasts, with the exception of 2017 and 2018, according to forecasted percentage change on a year earlier of UK GDP.

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