UK economy: 'It's going to be a difficult few months' says expert
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UK gross domestic product is estimated to have increased by 1.3 from July to September 2021 following the easing of coronavirus rules over the summer. But the ONS will tomorrow reveal new figures for the last quarter of 2021, when industries have been hit by fresh Covid curbs and hesitancy in the population due to the Omicron variant.
The pandemic has had wild effects on worldwide economies as countries take unprecedented steps such as lockdowns, and GDPs across Europe are now taking a slump.
The knock-on effect of shutting down has caused chaos on the economies – including in the UK.
Gross domestic product is the measure of the size and health of a country’s economy, measured over a period of time.
The GDP of a country is calculated by adding the following figures together: personal consumption; private investment; government spending; and exports.
READ MORE: UK trade has shrunk since Brexit while EU thrives – data
How does UK GDP compare with Europe?
Germany has by far the largest economy of all European countries, with a GDP of €3.3trillion in 2020, according to data compiled by Statista.
Germany has consistently held the title of Europe’s largest economy since 1980 – even before the reunification of the East and West.
According to the International Monetary Fund, Germany accounts for 28 percent of the euro area economy.
The UK is Europe’s second-largest economy, with a GDP of €2.28trillion.
The UK has had mixed fortunes during the same period from 1980 to 2020 and even had a smaller economy than Italy in the late 1980s.
The UK also suffered more than the other major economies during the 2008 recession, meaning France overtook as the second-largest economy for a number of years.
Now, France very closely follows the UK, with a GDP of €2.27trillion.
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The UK is now the world’s sixth-largest economy, and the 10th largest exporter of goods – and London has the second largest financial sector in the world.
Italy is the fourth-largest economy in Europe – but is some way behind the top three with a GDP of €1.6 trillion.
Spain has consistently been the fifth largest economy in Europe over the period of 1980 to 2020, currently with a GDP of €1.2 trillion.
Making up the rest of the top 10 are the Netherlands, Switzerland, Turkey, Poland and Sweden.
The three largest economies in the world as measured by GDP are the USA, China, and Japan – the USA has held on to the top spot since 1871.
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