Gross Domestic Product (GDP)
- GDP is used to determine the strength of the country’s economy.
- Essentially, GDP represents total market value of all finished products and services given and made within the country for a certain time period.
- GDP is the main indicator of economic activity and output throughout the world.
- Consequently, GDP allows to determine in what phase of business cycle the country is in and development level of a nation because it represent the economic strength.
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GDP of the United Kingdom from 1960 to 2020
GDP of the United Kingdom
- The graph demonstrates the GDP of the UK for the period of 1960 to 2020.
- It is evident that the economic activity of the UK was growing over time and practically thriving.
- The thrive is seen from the fact that GDP rates are counted in trillions of dollars.
- Approximately 16 countries have a GDP of over 1 trillion dollars while global GDP is equal to $86.4 trillion (World Bank, n.d.).
Reference
World Bank. (n.d.). GDP (current US$) – United Kingdom. Data. Web.