United Kingdom Gross Domestic Product (GDP) q/q
Gross Domestic Product q/q reflects the market value of all goods and services produced by all UK residents during a given quarter compared to the previous one.
There are three approaches to the calculation of GDP: from production perspective, in terms of revenues received and in terms of expenditures incurred.
- Production approach is based on the calculation of value added (interim costs are subtracted from the total value of manufactured goods).
- Income approach includes the sum of value added of four parts: compensation of employees, taxes on products and production less subsides, gross operating surplus and other income.
- Expenditure approach is the sum of all final expenditures within the economy. This includes final expenditure on consumption, gross capital formation and net exports of goods and services.
UK GDP calculation includes all three approaches. Office for National Statistics collects data for calculation, such as indexes (PPI, CPI, retail sales data, etc.), data on production and construction volumes, business surveys, data from administrative source, information on incomes, etc. A deflator is applied to separate the real GDP change from inflationary processes. Seasonal effects can greatly distort short-term GDP changes, that is why the indicator is seasonally adjusted.
GDP is the key indicator of Great Britain's economic health. Its growth means that the economy is expanding. Therefore, GDP growth can affect GBP quotes positively.
The chart of the entire available history of the "United Kingdom Gross Domestic Product (GDP) q/q" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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