UK gross domestic product is estimated to have increased by 1.3 from July to September 2021 following the easing of coronavirus rules over the summer. But the ONS will tomorrow reveal new figures for the last quarter of 2021, when industries have been hit by fresh Covid curbs and hesitancy in the population due to the Omicron variant.
The pandemic has had wild effects on worldwide economies as countries take unprecedented steps such as lockdowns, and GDPs across Europe are now taking a slump.
The knock-on effect of shutting down has caused chaos on the economies – including in the UK.
Gross domestic product is the measure of the size and health of a country’s economy, measured over a period of time.
The GDP of a country is calculated by adding the following figures together: personal consumption; private investment; government spending; and exports.
The UK is now the world’s sixth-largest economy, and the 10th largest exporter of goods – and London has the second largest financial sector in the world.
Italy is the fourth-largest economy in Europe – but is some way behind the top three with a GDP of €1.6 trillion.
Spain has consistently been the fifth largest economy in Europe over the period of 1980 to 2020, currently with a GDP of €1.2 trillion.
Making up the rest of the top 10 are the Netherlands, Switzerland, Turkey, Poland and Sweden.
The three largest economies in the world as measured by GDP are the USA, China, and Japan – the USA has held on to the top spot since 1871.