What is GDP?published at 05:45 British Summer Time<\/p>\n
05:45 BST<\/p>\n
The figures due to be published today are for the country’s GDP – or Gross Domestic Product.<\/p>\n
It’s a way of measuring all the economic activities of companies, governments, and people in a country. <\/p>\n
In the UK, new GDP figures are published every month by the Office for National Statistics (ONS). <\/p>\n
The ONS measures GDP by taking into account the UK’s output, its expenditure, and its income, but this can sometimes hide important details on important aspects of living standards like inequality and living standards. <\/p>\n
Most economists, politicians, and businesses like to see GDP growing steadily – because it means people are spending more, more jobs are being created and more tax is being paid.<\/p>\n
But last month figures showed GDP had contracted by 0.1% in May, following a 0.3% contraction in April – meaning the economy is shrinking.<\/p>\n
If GDP falls for two quarters in a row, this is known as a recession, which can lead to pay freezes and job losses.<\/p>\n