GVA measures the contribution to the economy of each individual producer, industry or sector in the UK.
It is used in the estimation of gross domestic product (GDP).
GDP is a key indicator of the state of the whole economy.
In the UK, 3 theoretical approaches are used to estimate GDP: “production”, “income” and “expenditure”.
When using the production or income approaches, the contribution to the economy of each industry or sector is measured using GVA.