1. What is GDP Per Capita?

GDP per capita is a measure of a country's economic output that accounts for its number of people. It divides the country's gross domestic product by its total population, showing the average economic output per person.

2. How Does the Calculator Work?

The calculator uses the GDP per capita formula:

Where:

• \( UK\_GDP \) — United Kingdom's total gross domestic product in pounds (£)
• \( UK\_pop \) — United Kingdom's total population

Explanation: This simple division gives the average economic output per person in the UK.

3. Importance of GDP Per Capita

Details: GDP per capita is a useful metric for comparing economic performance between countries and over time, as it accounts for population differences. It's often used as an indicator of standard of living.

4. Using the Calculator

Tips: Enter the UK's total GDP in pounds (£) and the UK's total population. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What's the current UK GDP per capita?
A: As of recent data, the UK's GDP per capita is approximately £33,000, but this varies year to year.

Q2: How often is GDP per capita calculated?
A: Official GDP per capita figures are typically calculated quarterly and annually by government statistical agencies.

Q3: What are limitations of GDP per capita?
A: It doesn't account for income inequality, cost of living differences, or non-market activities that affect wellbeing.

Q4: How does UK GDP per capita compare to other countries?
A: The UK typically ranks in the top 20-25 countries globally by GDP per capita.

Q5: What's the difference between GDP and GDP per capita?
A: GDP measures total economic output, while GDP per capita measures output per person, providing a better comparison between countries of different sizes.