Gross domestic product (GDP) measures the volume of goods and services produced by a nation. By adjusting this measure to reflect movements in the terms of trade, command GDP describes the purchasing power of a nation's output. For an open economy such as the UK, and given recent developments in the global economy such as the introduction of low-cost emerging market producers, large increases in commodity prices and exchange rate volatility, it could be a relevant statistic. This article develops an estimate of command GDP for the UK and discusses recent trends
Published in web format: 15 September 2008 at 9:30 am
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