Gross Domestic Product

GDP Headlines

  • UK GDP fell by 10.4% in the three months to April 2020
  • Widespread contractions across the economy contributed to the fall in GDP in the three months to April 2020
  • GDP fell by 20.4% in April 2020
  • The services sector fell by 9.9% in the three months to April 2020
  • Production fell by 9.5% in the three months to April 2020
  • Output in the construction sector fell by 18.2% in the three months to April 2020

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.