Gross Domestic Product

Author: Charlotte Brazil

GDP means Gross domestic product  and can be defined as the value of a country's overall output of goods and services, typically during in one financial year at market price.

GDP can be estimated in three ways-1. Expenditure basis - how much money was spent2. Output basis- how many goods and services were sold 3. Income basis- how much income/ profit was earned

The  four main components marking up GDP are: agricultural; production; construction and services. 

In the UK the service industry accounts for 77.8% which is more then tree quarters of the output approach to the measurement of GDP. In the UK as we are a primary based service industry run country we spend more time and money on trading staff and resources required to improve the service industry.

The service industry provides lots of jobs for residents in the uk  in industry such as - transport storage ,communications- distribution, hotels , restaurants and catering -business services and finance - government and other services