What is GDP?
Gross Domestic Product (GDP) is a measure of the value added to materials and other inputs in the production of goods and services by resident organisations; before allowing for depreciation or capital consumption. Net receipts from interest, profits and dividends abroad are excluded.
What is GVA?
There are two measures of GDP, market prices and basic prices. The estimates produced here are measured in basic prices, which excludes taxes less subsidies on products (taxes on products include VAT and excise duties). Gross Value Added (GVA) is another term for GDP at basic prices.
GDP at market prices is the headline measure used by the UK but they also produce estimates of GVA for their industry breakdown as it is difficult to break down taxes and subsidies below whole economy level. GDP at market prices is not produced for Scotland due to the same difficulty of allocating taxes and subsidies below national level.
All UK figures included in this website refer to GDP at basic prices (or GVA) for comparability. UK figures are taken from the latest ONS "month 3" estimate of GDP, published in the Quarterly National Accounts.