GDP, or Gross Domestic Product, is a measure of the economic output of a country It's used to gauge the size of the economy, and it provides a snapshot of the economic activity that's occurring within a given country in a given period. GDP measures the total production and sale of goods and services within a country’s borders during a given period of time, typically a year. It includes all the goods and services produced by all the companies, households, and institutions located within a particular country's boundaries.
The UK’s GDP is estimated in trillions of pounds. In 2018, it was estimated to be £2.18 trillion. This is the economic output of the four nations of the UK, England, Wales, Scotland, and Northern Ireland. This is a 3.2% increase from the same period in 2017. The UK’s GDP growth has been steady over the past several years, and is expected to continue to rise in the next several years.
1. Manufacturing: Manufacturing is a large contributor to the UK’s GDP. It has been on the rise for the past several years, and in 2018, it accounted for around 10.9% of the GDP. This is a significant increase from 2017, when it accounted for around 10.6%.
2. Retail and wholesale services: The retail and wholesale services sector is one of the largest contributors to the UK’s GDP. It accounts for over 21% of the GDP. This sector includes stores and businesses that sell goods to consumers and businesses.
3. Construction: In 2018, the construction sector accounted for around 6.7% of the UK’s GDP. This is a decrease from the 7.2% it accounted for in 2017. This sector includes the building of bridges, roads, buildings, and other infrastructure.
4. Agriculture and fishing: Agriculture and fishing are two of the oldest industries in the UK, and they still account for a significant portion of the GDP. In 2018, they accounted for around 0.8% of the GDP. This is a slight decrease from the 0.9% it accounted for in 2017.
5. Financial services: Financial services are another important contributor to the UK’s GDP. This sector accounts for around 7.3% of the GDP. This includes banking, insurance, and other financial services. This sector has seen steady growth in the past several years.