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Command GDP: the purchasing power of UK output

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  • Graeme Chamberlin

    (Office for National Statistics)

Abstract

Develops an estimate for the UK and discusses recent trends in what could be a relevant statisticGross domestic product (GDP) measuresthe volume of goods and servicesproduced by a nation. By adjusting thismeasure to reflect movements in theterms of trade, command GDP describesthe purchasing power of a nation’soutput. For an open economy such as theUK, and given recent developments in theglobal economy such as the introductionof low-cost emerging market producers,large increases in commodity prices andexchange rate volatility, it could be arelevant statistic. This article develops anestimate of command GDP for the UK anddiscusses recent trends. Economic & Labour Market Review (2008) 2, 26–29; doi:10.1057/elmr.2008.136

Suggested Citation

  • Graeme Chamberlin, 2008. "Command GDP: the purchasing power of UK output," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 2(9), pages 26-29, September.
    • Handle: RePEc:pal:ecolmr:v:2:y:2008:i:9:p:26-29
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