GDP: Per Capita and Growth
The GDP, or Gross Domestic Product, measures essentially how a country is doing. If one was to look at only one statistic to see how a country was doing they would look to GDP nine times out of ten. GDP is, "The total market value of all final goods and services produced in a country in a given year" as stated by definition. GDP per capita is the amount of money the average household in a country brings in. This too being recorded on a year to year basis like most economic statistics to see change and how economies are doing in comparison to one and other. The final part of GDP this section will look at is GDP growth with is the change in GDP between years. The formula is the new GDP minus the old GDP all divided by the old GDP. One can then multiply by 100 to turn the number into a percentage as well but this is simple enough. The growth shows if a country is expanding as an economy, meaning getting stronger, or shrinking as an economy and getting weaker as a country.
The GDP of The United Kingdom is approximately 2.128 trillion dollars. This ranks 7th strongest in the world but this is misleading. This is misleading because the United Kingdom is also part of the European Union, which is ranked number one overall. Taking away that and looking at each country specifically the United Kingdom would be moved up into a number 6 spot. Above them is of course the United States at two (or one depending on the EU), China, Japan, India, and Germany. On this list the country with the lowest GDP is The United Kingdom but this is misleading as well.
The United Kingdom is responsible for 3% of the worlds GDP. Though this does not seem like much one should consider the size of the other countries on this list as well. The United States, China, and India are all many times larger than the United Kingdom and even Germany is roughly two times as large. This suggests that the United Kingdom is competing with the big boy countries (literally big) and pulling its weight. Other statistics that might put this more into perspective would be the Per Capita GDP.
The Per Capita GDP of the world is roughly $10,400 where the per capita GDP of the United Kingdom is over three times that amount. Still, the United Kingdom, like most countries, is a shrinking economy. In fact, on the list no country is shrinking as fast as the United Kingdom, save Germany. China and India are both growing, but the average GDP growth is -0.7 % for the world. The whole world is in a recession and though the United Kingdom is statistically a very strong country, they are feeling the recession as well.
The GDP of The United Kingdom is approximately 2.128 trillion dollars. This ranks 7th strongest in the world but this is misleading. This is misleading because the United Kingdom is also part of the European Union, which is ranked number one overall. Taking away that and looking at each country specifically the United Kingdom would be moved up into a number 6 spot. Above them is of course the United States at two (or one depending on the EU), China, Japan, India, and Germany. On this list the country with the lowest GDP is The United Kingdom but this is misleading as well.
The United Kingdom is responsible for 3% of the worlds GDP. Though this does not seem like much one should consider the size of the other countries on this list as well. The United States, China, and India are all many times larger than the United Kingdom and even Germany is roughly two times as large. This suggests that the United Kingdom is competing with the big boy countries (literally big) and pulling its weight. Other statistics that might put this more into perspective would be the Per Capita GDP.
The Per Capita GDP of the world is roughly $10,400 where the per capita GDP of the United Kingdom is over three times that amount. Still, the United Kingdom, like most countries, is a shrinking economy. In fact, on the list no country is shrinking as fast as the United Kingdom, save Germany. China and India are both growing, but the average GDP growth is -0.7 % for the world. The whole world is in a recession and though the United Kingdom is statistically a very strong country, they are feeling the recession as well.
