Gross Domestic Product (GDP) - Office for National Statistics (2024)

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Gross Domestic Product (GDP) - Office for National Statistics (1)

GDP first quarterly estimate, UK: January to March 2024

What's in the bulletin?

  • UK gross domestic product (GDP) is estimated to have increased by 0.6% in Quarter 1 (Jan to Mar) 2024, following declines of 0.3% in Quarter 4 (Oct to Dec) and 0.1% in Quarter 3 (July to Sept) 2023.
  • Compared with the same quarter a year ago, GDP is estimated to have increased by 0.2% in Quarter 1 2024.
  • In output terms, services grew by 0.7% on the quarter with widespread growth across the sector; elsewhere the production sector grew by 0.8% while the construction sector fell by 0.9%.

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Gross Domestic Product (GDP) - Office for National Statistics (2)

GDP monthly estimate, UK: April 2024

What's in the bulletin?

  • Monthly real gross domestic product (GDP) is estimated to have shown no growth in April 2024, following growth of 0.4% in March 2024.
  • Real gross domestic product is estimated to have grown by 0.7% in the three months to April 2024 compared with the three months to January 2024.
  • Services output grew by 0.2% in April 2024, its fourth consecutive monthly growth, and alsogrew by 0.9% in the three months to April 2024.

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GDP monthly estimate, UK

Gross domestic product (GDP) measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy.

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Time series related to Gross Domestic Product (GDP)

  • Gross Domestic Product: chained volume measures: Seasonally adjusted £m

    Chained Volume Measures (CVM)

    <![endif]-->

    £570,196 m2024 Q1

    Release date:
    10 May 2024
    Next release:
    28 June 2024
  • Gross Domestic Product: Quarter on Quarter growth: CVM SA %

    Chained Volume Measures (CVM)

    0.6 %2024 Q1

    Release date:
    10 May 2024
    Next release:
    28 June 2024
  • Gross Domestic Product: q-on-q4 growth rate CVM SA %

    Chained Volume Measures (CVM)

    <![endif]-->

    0.2 %2024 Q1

    Release date:
    10 May 2024
    Next release:
    28 June 2024
  • Gross Domestic Product at market prices: Current price: Seasonally adjusted £m

    Current Prices (CP)

    <![endif]-->

    £685,411 m2024 Q1

    Release date:
    10 May 2024
    Next release:
    28 June 2024
  • Gross Domestic Product: quarter on quarter growth rate: CP SA %

    Current Prices (CP)

    <![endif]-->

    1.2 %2024 Q1

    Release date:
    10 May 2024
    Next release:
    28 June 2024
  • Gross Domestic Product: q-on-q4 growth quarter growth: CP SA %

    Current Prices (CP)

    <![endif]-->

    4.2 %2024 Q1

    Release date:
    10 May 2024
    Next release:
    28 June 2024

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Datasets related to Gross Domestic Product (GDP)

  • Monthly gross domestic product by gross value added

    The gross value added (GVA) tables showing the monthly and annual growths and indices as published within the monthly gross domestic product (GDP) statistical bulletin.

  • Contributions to monthly GDP

    Contributions to growth within monthly gross domestic product (GDP), UK

  • Revisions triangles for monthly GDP

    Comparison of gross domestic product (GDP) first estimates against estimates published later.

  • Monthly GDP and main sectors to four decimal places

    Monthly index values for monthly gross domestic product (GDP) and the main sectors in the UK to four decimal places.

  • Health volume adjustments and contribution to GDP growth

    Volume estimates for the NHS Test and Trace services and vaccine programmes and their impact on real GDP.

  • GDP output approach, Blue Book 2023 indicative data

    Detailed industry level data. Includes monthly low-level aggregates of output gross value added (GVA) on a chained volume measure. Seasonally adjusted.

View all datasets related to Gross Domestic Product (GDP)Back to top

Publications related to Gross Domestic Product (GDP)

Statistical bulletins

  • GDP monthly estimate, UK: April 2024

    Gross domestic product (GDP) measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy.

  • Regional economic activity by gross domestic product, UK: 1998 to 2022

    Annual estimates of economic activity by UK country, region and local area using gross domestic product (GDP). Estimates are available in current market prices and in chained volume measures and include a full industry breakdown of balanced regional gross value added (GVA(B)).

  • GDP quarterly national accounts, UK: October to December 2023

    Revised quarterly estimate of gross domestic product (GDP) for the UK. Uses additional data to provide a more precise indication of economic growth than the first estimate.

  • GDP first quarterly estimate, UK: January to March 2024

    First quarterly estimate of gross domestic product (GDP). Contains current and constant price data on the value of goods and services to indicate the economic performance of the UK.

  • Business investment in the UK: January to March 2024 provisional results

    Estimates of short-term indicators of investment in non-financial assets; business investment and asset and sector breakdowns of total gross fixed capital formation.

  • GDP, UK regions and countries: July to September 2022

    Quarterly economic activity within the countries of the UK (England, Wales, Scotland and Northern Ireland) and the nine English regions (North East, North West, Yorkshire and The Humber, East Midlands, West Midlands, East of England, London, South East and South West).

View all related statistical bulletins

Articles

  • Summary of changes to data table structure in Blue Book 2023

    Changes to the structure of tables within Blue Book 2023 to meet accessibility standards.

  • Coronavirus and the impact on output in the UK economy

    Analysis of growth for the production, services and construction industries in the UK economy between February 2020 and August 2021, highlighting the impact of the coronavirus (COVID-19) pandemic.

  • The role of labour costs and profits in UK inflation

    Analysis of trends in unit labour costs and unit profits as contributions to domestic inflation using the national accounts and the income approach to GDP.

  • Gross Domestic Product (GDP) - Office for National Statistics (3)

    The 2008 recession 10 years on

    A decade after the beginning of the recession, how has the UK economy recovered?

  • Gross Domestic Product (GDP) - Office for National Statistics (4)

    What is GDP?

    Find out more how Gross Domestic Product is used to measure the size and health of a country’s economy.

  • Gross Domestic Product (GDP) - Office for National Statistics (5)

    GDP and me

    What's GDP go to do with you and me? Find out how your spending and work can affect GDP.

View all related articles

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Methodology related to Gross Domestic Product (GDP)

  • Gross and net measures of the UK economy
  • Improvements to non-market adult social care output in the National Accounts
  • Output approach to gross domestic product (GDP)
  • Gross domestic product (GDP) QMI
  • Quarterly Acquisitions and Disposals of Capital Assets Survey QMI
  • Communicating the UK Economic Cycle

View all related methodology

Explore local statistics

Find, compare and visualise statistics about places within the United Kingdom.

Gross Domestic Product (GDP) - Office for National Statistics (2024)

FAQs

Where can I find GDP data? ›

Gross Domestic Product data can be found in the National Accounts dataset portal, and in the Data Tables tab of the International Financial Statistics dataset portal.

What counts in GDP answers? ›

What is counted for GDP? The gross domestic product (GDP) is a statistic that measures the value of all completed goods and services produced inside a nation's borders in a specific time period. This includes government spending, consumption, net exports, and business investments.

What is GDP answers? ›

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country's economic health.

How do you calculate GDP questions and answers? ›

The expenditure approach is the most commonly used GDP formula, which is based on the money spent by various groups.
  1. GDP = C + G + I + NX.
  2. C = consumption or all private consumer spending within a country's economy, including, durable goods, non-durable goods, and services.

How to check GDP? ›

The formula for calculating GDP with the expenditure approach is the following: GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). GDP is usually calculated by the national statistical agency of the country following the international standard.

What is the U.S. GDP right now? ›

US GDP is at a current level of 28.63T, up from 28.27T last quarter and up from 27.06T one year ago. This is a change of 1.27% from last quarter and 5.79% from one year ago. US GDP or Gross Domestic Product is the total value of goods produced and services provided in the US.

How to find real GDP? ›

Real GDP = nominal GDP / GDP Deflator (the price level of 2011) x (100). Sal reorganizes this equation in a logical form and writes Nominal / Real = 102.5 / 100. 1.025 really is the GDP deflator divided by 100, the base price level.

What is GDP in simple words? ›

Gross Domestic Product or GDP is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period (usually a year). Gross Domestic Product is one of the most important indicators of the economic status of a country.

What is an example of GDP? ›

That means, for example, that a baker who produces a loaf of bread for a customer would contribute to GDP, but would not contribute to GDP if he baked the same loaf for his family (although the ingredients he purchased would be counted).

What country has the highest GDP? ›

With a GDP of more than 20 trillion dollars, the United States of America is the world's largest economy.

What is the easiest way to explain GDP? ›

Gross domestic product (GDP) is the most common measure for the size of an economy, and it measures the value of total final output of goods and services produced by that economy in a certain period of time.

What can GDP tell you? ›

Key Takeaways
  • Gross domestic product tracks the health of a country's economy.
  • It represents the value of all goods and services produced over a specific time period within a country's borders.
  • Economists can use GDP to determine whether an economy is growing or experiencing a recession.

What is the simplest way to calculate GDP? ›

Accordingly, GDP is defined by the following formula: GDP = Consumption + Investment + Government Spending + Net Exports or more succinctly as GDP = C + I + G + NX where consumption (C) represents private-consumption expenditures by households and nonprofit organizations, investment (I) refers to business expenditures ...

What is a formula of GDP? ›

What Is the Formula for GDP? The formula for GDP is: GDP = C + I + G + (X-M). C is consumer spending, I is business investment, G is government spending, and (X-M) is net exports.

Are taxes included in GDP? ›

Indirect business taxes consist of sales taxes and other excise taxes that firms collect but that are not regarded as a part of firms' incomes. Consequently, indirect business taxes are not included in the expenditure approach to determining GDP, rather it is included in the income approach.

WHO publishes U.S. GDP data? ›

Produced by the Bureau of Economic Analysis, Gross Domestic Product (GDP) data is ranked as one of the three most influential economic measures that affect U.S. financial markets.

How do I find a company's GDP? ›

GDP is measured by taking the quantities of all goods and services produced, multiplying them by their prices, and summing the total. GDP can be measured either by the sum of what is purchased in the economy or by what is produced. Demand can be divided into consumption, investment, government, exports, and imports.

Where can I find economic data? ›

Online Resources
  • World Bank. The data and research section contains research, statistics and information on future prospects.
  • Bureau of Economic Analysis. ...
  • Bureau of Labor Statistics - Economy at a Glance. ...
  • World Wealth and Income Database. ...
  • World Economic Outlook Database. ...
  • UNdata. ...
  • IFS Online. ...
  • FRED - Federal Reserve Economic Data.
Jul 19, 2024

What time is U.S. GDP data released? ›

U.S. Gross Domestic Product (GDP) QoQ
Release DateTimeActual
Jul 25, 2024 (Q2)18:002.8%
Jun 27, 2024 (Q1)18:001.4%
May 30, 2024 (Q1)18:001.3%
Apr 25, 2024 (Q1)18:001.6%
1 more row

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