Gross Domestic Product - last updated: July 2018

UK gross domestic product (GDP) grew by 0.6% in the three months to July

GDP growth was driven by services and construction, with a small drag on growth from production

Three-month growth highest since August 2017

GDP increased by 0.3% in July

Strong retail trade and wholesale trade drove services growth

Despite a large contribution from mining and quarrying, production growth slowed to 0.1% in July 2018

GDP

Gross domestic product (GDP) growth is the main indicator of economic performance. There are three approaches used to measure GDP; the output approach, the expenditure approach and the income approach. GDP per head is calculated by dividing GDP in chained volume measures by the population estimates and projections. It is not a measure of productivity or well-being, but is a useful statistic as it removes the impact of the changing size of the population from headline GDP figures.