Essay about Gross Domestic Product

        The value of the United Kingdom completes output of services and goods at market prices, excluding the net income from abroad.

There are three methods, where the Gross Domestic Product (GDP) is estimated;

On the expenditure basis, that means how much you used

At the output basis, how many services and good is sold

On the Income basis, how much profit is earned

        Form the market prices, if the indirect taxes are deducted along with the subsidies, which are added in it, is known as the GDP at the national divide or the factor cost. If form the GDP, the depreciation is deducted, then it is called the net GDP.

        Now the brief overview of the GDP of the UK; the GDP of the UK is growing by 0.5% in 2019 of his first quarter as compared to the previous quarter. In 2018 of the fourth quarter, the rate is 3 tenth for1%, which is higher than the figure of 0.2%. In the GDP year by year changed is approximately 1.8% and the 4 tenths of the 1% more than 1.4%, which is recorded in 2018 of the fourth quarter. During 2019 the first quarter of the GDP is around about the $546,076 million that is leaving the UK placed in the ranking of the fourth quarter where the quarterly GDP of the 50 countries is published. The quarterly GDP per capita of the UK is %9,359, $427 that is higher than in the same quarter in the last years.

        In the UK the GDP worth is 2622.43 billion during 2017. UK GDP values represent 4.23% of the world economy .Whereas the Economy of the UK is highly developed along with the oriented markets. And the UK is the fifth largest national economy of the world, which is measured through the GDP, and it is the ninth largest through the purchasing of power parity.

    The averaged GDP from 1960 to 2017 in the UK is around about the 1162.89 USD billion dollars, and it’s reaching the all-time of high of the 3074.36 USD during 2007. The last 10 years GDP of the UK is shown in the below graph;

    GDP measures the services as well as goods which are produced in the UK, and it is estimated the growth and size of the economy.

There are the following factors which influence the GDP of the UK, and these factors have the contribution of the significant variations;

Natural resources

Physical infrastructure Labor or Population

Human capital

Technology

Law

        The natural resources discovery, like the mineral, oil, which boost the GDP of the UK, and it shifts or increases the UK production Possibility Curve. There are also other resources, like the water, land, natural gas, as well as the forests. If in the physical infrastructure as well as physical capital increased the investments like the machinery, factories, as well as the road which lower the cost of the economic activity. Higher productivity of the UK for the GDP also increases the output. For examples, if the systems of the highway are robust, it can reduce the inefficiencies for moving raw material or the goods across, which is also increase the GDP of the UK.

        The population or the Labor is the important factor for a contribution of the GDP for various variation because the growing population increased the availability of the employees as well as workers that means, it has the higher workplace. When there is any increment is produced in the Human capital, then it can also improve the quality of the labor forces, which gives the result of the improvement of skills, training as well as abilities. The significant effects are the skilled labor forces, for the GDP growth of the UK, and since the skilled workers are more productive. The other influential factor for the GDP highlight for the contribution is the improvement of technology where the technology is increasing the productivity by the same time of the levels of the labors them it's accelerating the development and the growth.

        At last the after the last two years, the UK is the manufacturing sectors which grew by 2.5%, as well as the output construction, grew by 7.1 during 2017. Division of the Food products is the largest in the manufacturing sectors of the UK for the contributing of 18.3% of the total UK manufacturing in 2017, which increase 7% from 2016. In 2018, the UK exported the worth of or 29,8% of the GDP, whereas the car is biggest products by the value of the