Gross Domestic Product or GDP provides an overview of the performance of an economy over a certain period by collecting data from thousands of UK companies and individuals.
There are two main ways of calculating GDP; income and expenditure. The income method is a calculation based on the total value of goods and services provided by businesses and the self-employed. Expenditure is what everyone has spent.
GDP by income is calculated using the following formula, where Compensation of Employees is COE, Interest Income is I, Rents is R, Proprietor's Income is P, Corporate Profits is C, Indirect Business Taxes is T, Depreciation is D and Net Factor Income is N:
GDP = COE + I + R + P + C + T + D + N
GDP by expenditure uses the following formula where Consumer Spending is C, Investment Spending is I, Government Spending is G and Net Exports is NX.
GDP = C + I + G + NX
To start using this GDP calculator, choose either the "by income" or "by expenditure" tab, fill in the fields with your data and click/tap the "calculate" button. You'll get the GDP value and a breakdown pie chart back which you can download as a high-quality PNG image.