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CIA World Factbook 2008 figures of total nominal GDP (bottom) compared to PPP-adjusted GDP (top)
Countries by 2008 GDP (nominal) per capita (IMF, October 2008 estimate)
.The gross domestic product (GDP) or gross domestic income (GDI) is a basic measure of a country's overall economic output.^ GDP , or Gross Domestic Product , is a measure of how big an economy is.
  • NZIER - Definition of GDP, Gross Domestic Product 27 January 2010 23:58 UTC www.nzier.org.nz [Source type: FILTERED WITH BAYES]

^ Real GDP is a measure of income and nominal GDP is a measure of output.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, November 24, 2009 11 January 2010 2:02 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

^ A country's Gross Domestic Product, or GDP, is one of several measures of the size of its economy.
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

.It is the market value of all final goods and services made within the borders of a country in a year.^ GDP The total market value of all the goods and services produced within the borders of a nation during a specified period.
  • Gross domestic product | Definition of Gross domestic product at Dictionary.com: 3 February 2010 15:43 UTC dictionary.reference.com [Source type: General]
  • Gdp | Definition of Gdp at Dictionary.com: 3 February 2010 15:43 UTC dictionary.reference.com [Source type: Reference]

^ It is the market value of all final goods and services ...
  • Gross Domestic Product - GDP info 3 February 2010 15:43 UTC www.pc-boerse.org [Source type: FILTERED WITH BAYES]

^ (GNP) Total market value of all final goods and services produced by an economy during a year.
  • Library of Congress / Federal Research Division / CountryStudies / Area Handbook Series/ Ecuador / Glossary 11 January 2010 2:02 UTC lcweb2.loc.gov [Source type: FILTERED WITH BAYES]

.It is often positively correlated with the standard of living,[1] though its use as a stand-in for measuring the standard of living has come under increasing criticism and many countries are actively exploring alternative measures to GDP for that purpose.^ GDP has its uses, but not as a measure of the good or the desirable.
  • 40 years on, GDP is still a flawed measure | frogblog 11 January 2010 2:02 UTC blog.greens.org.nz [Source type: General]

^ An increase in crime reduces the quality of life in the country, but it will increase GDP by the amount it costs to apprehend, prosecute, and imprison criminals.
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

^ High-income countries , in which most people have a high standard of living .
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

[2] .GDP can be determined in three ways, all of which should in principle give the same result.^ GDP can be defined in three ways.
  • gdp_per_capita 9 February 2010 14:20 UTC www.unibas.it [Source type: Academic]

^ GDP may be calculated in three ways: .
  • Gross Domestic Product Law & Legal Definition 3 February 2010 15:43 UTC definitions.uslegal.com [Source type: General]

^ GDP can be defined in three ways, all of which are conceptually identical.
  • Gross Domestic Product by State 3 February 2010 15:43 UTC www.ceic.mt.gov [Source type: FILTERED WITH BAYES]
  • GDP per capita Norway / United States - Wolfram|Alpha 9 February 2010 14:20 UTC www05.wolframalpha.com [Source type: FILTERED WITH BAYES]
  • World Oil Consumption Per Capita - Google Earth Community 9 February 2010 14:20 UTC bbs.keyhole.com [Source type: General]
  • gdp - Wolfram|Alpha 11 January 2010 2:02 UTC www61.wolframalpha.com [Source type: General]
  • gdp spain/italy - Wolfram|Alpha 11 January 2010 2:02 UTC www.wolframalpha.com [Source type: General]
  • gdp argentina - Wolfram|Alpha 1 February 2010 7:57 UTC www.wolframalpha.com [Source type: General]

.They are the product (or output) approach, the income approach, and the expenditure approach.^ What is the Gross Domestic Product by the expenditure approach?
  • DSEC - FAQ 9 February 2010 14:20 UTC www.dsec.gov.mo [Source type: FILTERED WITH BAYES]

^ This identity between expenditure, output and income ...
  • GDP Tutorials & Articles | Sooper Tutorials 11 January 2010 2:02 UTC www.soopertutorials.com [Source type: FILTERED WITH BAYES]

^ GDP by production, by expenditure, by income approach .
  • GDP by production, by expenditure, by income approach | Statistics Lithuania 3 February 2010 15:43 UTC www.stat.gov.lt [Source type: FILTERED WITH BAYES]

.The most direct of the three is the product approach, which sums the outputs of every class of enterprise to arrive at the total.^ The gross domestic product or GDP is the sum total of all the goods and services sold (i.e., produced) in an economy over a 12-month period.
  • GDP: Not All It’s Cracked Up to Be? — The Green Grok 11 January 2010 2:02 UTC www.nicholas.duke.edu [Source type: FILTERED WITH BAYES]

^ GDP: The sum of value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation output.
  • Globalis - an interactive world map - Ireland - GDP per capita 9 February 2010 14:20 UTC globalis.gvu.unu.edu [Source type: Academic]

^ In the most general sense we might say that the output of an economy should be expressed as a function of flows from all the different types of capital that make production possible.
  • Economic growth - Encyclopedia of Earth 11 January 2010 2:02 UTC www.eoearth.org [Source type: Academic]

.The expenditure approach works on the principle that all of the product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things.^ What is the Gross Domestic Product by the expenditure approach?
  • DSEC - FAQ 9 February 2010 14:20 UTC www.dsec.gov.mo [Source type: FILTERED WITH BAYES]

^ This also equals the total gross domestic product .
  • Gross world product Information & Gross world product Links at HealthHaven.com 3 February 2010 15:43 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

^ The totals of these measures should all be, in principle, equal.
  • Gross Domestic Product - encyclopedia article - Citizendium 3 February 2010 15:43 UTC en.citizendium.org [Source type: Academic]

.The income approach works on the principle that the incomes of the productive factors ("producers," colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.^ The product approach – GDP is determined by calculating the total market value of goods and services produced.
  • Gross Domestic Products – GDP 3 February 2010 15:43 UTC www.studyforex.com [Source type: FILTERED WITH BAYES]

^ GDP can also be derived as the sum of factor incomes (i.e.
  • Gross Domestic Product (GDP), Net Domestic Product (NDP) and Gross National Product (GNP)? - Yahoo! Answers 3 February 2010 15:43 UTC answers.yahoo.com [Source type: General]

^ GDP measures what is produced, income measure how the income from that production is distributed.
  • GDP vs. RMI | Mother Jones 11 January 2010 2:02 UTC motherjones.com [Source type: General]

[3]
Example: the expenditure method:
GDP = private consumption + gross investment + government spending + (exportsimports), or
GDP = C + Inv + G + \left ( eX - iM \right )
.In the name "Gross Domestic Product,"
"Gross" means that GDP measures production regardless of the various uses to which that production can be put.
^ Gross domestic product and main aggregates .
  • STATISTIK AUSTRIA - Gross Domestic Product and Main Aggregates 3 February 2010 15:43 UTC www.statistik.at [Source type: FILTERED WITH BAYES]
  • STATISTIK AUSTRIA - Gross Domestic Product and Main Aggregates 27 January 2010 23:58 UTC www.statistik.at [Source type: FILTERED WITH BAYES]

^ GDP , or Gross Domestic Product , is a measure of how big an economy is.
  • NZIER - Definition of GDP, Gross Domestic Product 27 January 2010 23:58 UTC www.nzier.org.nz [Source type: FILTERED WITH BAYES]

^ A country's Gross Domestic Product, or GDP, is one of several measures of the size of its economy.
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

.Production can be used for immediate consumption, for investment in new fixed assets or inventories, or for replacing depreciated fixed assets.^ Consumption of fixed capital (depreciation) .

^ GDP reflects production in a given time period, regardless of whether that production is used for immediate consumption, for investment in new fixed assets or inventories, or for replacing depreciated fixed assets.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ Investment includes investment in fixed assets and increases in inventory.
  • Gross Domestic Product (GDP) 3 February 2010 15:43 UTC www.quickmba.com [Source type: FILTERED WITH BAYES]

.If depreciation of fixed assets is subtracted from GDP, the result is called the Net domestic product; it is a measure of how much product is available for consumption or adding to the nation's wealth.^ GDP. See gross domestic product .
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

^ Product results for: gdp .
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

^ If it were deducted, we would have a measure called net domestic product (NDP), also known as national income.
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

.In the above formula for GDP by the expenditure method, if net investment (which is gross investment minus depreciation) is substituted for gross investment, then net domestic product is obtained.^ GDP , or Gross Domestic Product , is a measure of how big an economy is.
  • NZIER - Definition of GDP, Gross Domestic Product 27 January 2010 23:58 UTC www.nzier.org.nz [Source type: FILTERED WITH BAYES]

^ Net Domestic Product is the value of goods and services minus imported goods and services.
  • Gross Domestic Product (GDP), Net Domestic Product (NDP) and Gross National Product (GNP)? - Yahoo! Answers 3 February 2010 15:43 UTC answers.yahoo.com [Source type: General]

^ America’s gross domestic product .
  • Gross Domestic Product: Latest News, Photos and Videos 3 February 2010 15:43 UTC connect.in.com [Source type: General]

."Domestic" means that GDP measures production that takes place within the country's borders.^ GDP , or Gross Domestic Product , is a measure of how big an economy is.
  • NZIER - Definition of GDP, Gross Domestic Product 27 January 2010 23:58 UTC www.nzier.org.nz [Source type: FILTERED WITH BAYES]

^ A country's Gross Domestic Product, or GDP, is one of several measures of the size of its economy.
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ GDP Gross domestic product .
  • GAO � General Accounting Office 1 February 2010 7:57 UTC agriculture.house.gov [Source type: Reference]

.In the expenditure-method equation given above, the exports-minus-imports term is necessary in order to null out expenditures on things not produced in the country (imports) and add in things produced but not sold in the country (exports).^ Net exports are the total exports minus total imports.
  • Gross Domestic Products – GDP 3 February 2010 15:43 UTC www.studyforex.com [Source type: FILTERED WITH BAYES]

^ Net exports are exports minus imports.
  • Gross Domestic Product (GDP) 3 February 2010 15:43 UTC www.quickmba.com [Source type: FILTERED WITH BAYES]

^ Imports and Exports Where things get tricky are imports and exports.
  • The GDP deflator - Credit Writedowns 1 February 2010 7:57 UTC www.creditwritedowns.com [Source type: FILTERED WITH BAYES]

.Economists (since Keynes) have preferred to split the general consumption term into two parts; private consumption, and public sector (or government) spending.^ Economists (since Keynes) have preferred to split the general consumption term into two parts; private consumption, and public sector spending.
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ Economists (since Keynes) have preferred to split the general consumption term into two parts; private consumption, and public sector (or government) spending 3 years ago 100% 1 Vote 0 Rating: Good Answer 0 Rating: Bad Answer Report Abuse 0 stars - mark this as Interesting!
  • How to calculate nominal gross domestic product? - Yahoo! Answers 3 February 2010 15:43 UTC answers.yahoo.com [Source type: General]

^ Economists (since Keynes ) have preferred to split the general consumption term into two parts; private consumption, and public sector (or government) spending.
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • Gross domestic product 3 February 2010 15:43 UTC worldlingo.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

Two advantages of dividing total consumption this way in theoretical macroeconomics are:
.
  • Private consumption is a central concern of welfare economics.^ Private consumption is a central concern of welfare economics.
    • Gross Domestic Product 3 February 2010 15:43 UTC www.uslaw.com [Source type: FILTERED WITH BAYES]
    • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

    ^ Private consumption is a central concern of welfare economics .
    • Gross domestic product 3 February 2010 15:43 UTC worldlingo.com [Source type: FILTERED WITH BAYES]

    ^ Two advantages of dividing total consumption this way in theoretical macroeconomics are: * Private consumption is a central concern of welfare economics .
    • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]

    The private investment and trade portions of the economy are ultimately directed (in mainstream economic models) to increases in long-term private consumption.
  • If separated from endogenous private consumption, government consumption can be treated as exogenous,[citation needed] so that different government spending levels can be considered within a meaningful macroeconomic framework.
.Gross domestic product comes under the heading of national accounts, which is a subject in macroeconomics.^ Gross Domestic Product is the output of Britain.
  • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

^ Vietnam could double its gross domestic product by the end of the decade with GDP per capita reaching US$1,100 in 2010.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

^ Production (quantity) and, if known, an estimate of the percentage of total U.S. production of the Domestic Like Product accounted for by your firm's(s') production.
  • Justia Regulation Tracker Investigations: Frozen Warmwater Shrimp from Brazil, China, India, Thailand, and Vietnam , - International Trade Commission - 1078–1080 [2010–88] 27 January 2010 23:58 UTC regulations.justia.com [Source type: FILTERED WITH BAYES]

Economic measurement is called econometrics.

Contents

Determining GDP

Economics
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Product approach

.Usually in this approach the producer units (corporated and unincorporated enterprises which together form the business sector, "pure" households, governments and non-profit institutions serving households) of an economy are classified into classes of industries: agriculture, construction, manufacturing, etc.^ Eastern Europe is something else-industrialized countries that have plunged into depressions as they switch to market economies.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

^ Consists of GDP less gross value added of farm, of households and institutions, and of general government.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ As Western economies went from agriculture to manufacturing to finance and services, modes of measurement generally evolved accordingly.
  • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

.Their outputs are estimated largely on the basis of surveys which businesses fill out, but also the services from dwellings owned by households are counted towards production.^ By law, the BNHI is to fund and operate the NHI on a self-sustaining basis largely from premium revenues collected from households.
  • Taiwan's New National Health Insurance Program: Genesis And Experience So Far -- Cheng 22 (3): 61 -- Health Affairs 9 February 2010 14:20 UTC content.healthaffairs.org [Source type: Academic]

^ The Congressional Budget Office (CBO) estimates a very large and negative output gap for 2009’s second quarter: –6.7… .

^ In the middle of each month, an analysis of the current quarterly estimates of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy."
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

.To avoid "double-counting" in cases where the output of a producer unit is not a final good or service, but serves as intermediate input (intermediate consumption) into another producer unit, either only final goods and services outputs must be counted, or a "value added" approach must be taken, where what is counted is not the total value output of a producer unit, but its value added: the difference between the value of its gross output and the value of its intermediate consumption.^ Farm output less intermediate goods and services purchased.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ GDP=the total dollar value of all goods and services produced over a specific time period in a nation...
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

^ The Domestic Industry is the U.S. producers as a whole of the Domestic Like Product, or those producers whose collective output of the Domestic Like Product constitutes a major proportion of the total domestic production of the product.
  • Justia Regulation Tracker Investigations: Frozen Warmwater Shrimp from Brazil, China, India, Thailand, and Vietnam , - International Trade Commission - 1078–1080 [2010–88] 27 January 2010 23:58 UTC regulations.justia.com [Source type: FILTERED WITH BAYES]

.Value added is obtained as a balancing item in the production account of the national accounts.^ If the national accounts were to include the depletion of coal reserves and the effects of air pollution (which would be added eventually), he said, "somebody is going to say .
  • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

^ To their great surprise, American investigators learned after the war that Hitler had set much lower production targets, partly for lack of sophisticated national accounts.
  • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

^ Source of US economic statistics including national income and product accounts (NIPAs), gross domestic product (GDP) and related measures of national, regional, industry and international accounts.
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

.Gross Value Added (GVA) = Sum of gross value added by all producer units = Gross output - intermediate consumption of goods and services to produce the output.^ Farm output less intermediate goods and services purchased.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ GDP=the total dollar value of all goods and services produced over a specific time period in a nation...
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

^ Gross industrial output value by ownership 38 .
  • Reportlinker Adds China Transportation Equipment Manufacturing Industry, 2009 - WKOW 27: Madison, WI Breaking News, Weather and Sports 27 January 2010 23:58 UTC www.wkowtv.com [Source type: Academic]

For market producer sales is usually the largest part of output. .But producer units may also produce output for own final use (own final consumption or own gross fixed capital formation) or add their output of goods to their inventories.^ Definitions: GDP: The value of all final goods and services produced within a nation in a given year.
  • GDP Per Capita (PPP; US$) - GlobalHealthFacts.org 9 February 2010 14:20 UTC www.globalhealthfacts.org [Source type: FILTERED WITH BAYES]

^ Gross Domestic Product (GDP): The value of all final goods and services produced within a nation in a given year.
  • Total Expenditure on Health (as Percent of Gross Domestic Product) - GlobalHealthFacts.org 3 February 2010 15:43 UTC www.globalhealthfacts.org [Source type: FILTERED WITH BAYES]

^ From the BEA : Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.2 percent in the third quarter of 2009 ...

.Depending on how gross value added has been calculated, it may be necessary to make an adjustment to it before it can be considered equal to GDP. This is because GDP is the market value of goods and services – the price paid by the customer – but the price received by the producer may be different than this if the government taxes or subsidises the product.^ GDP , or Gross Domestic Product , is a measure of how big an economy is.
  • NZIER - Definition of GDP, Gross Domestic Product 27 January 2010 23:58 UTC www.nzier.org.nz [Source type: FILTERED WITH BAYES]

^ Net Domestic Product is the value of goods and services minus imported goods and services.
  • Gross Domestic Product (GDP), Net Domestic Product (NDP) and Gross National Product (GNP)? - Yahoo! Answers 3 February 2010 15:43 UTC answers.yahoo.com [Source type: General]

^ Economy and Markets Politics and Government GDP productivity Reader comments .
  • OnTheCommons.org » The Cult of GDP 11 January 2010 2:02 UTC www.onthecommons.org [Source type: General]

For example, if there is a sales tax:
Producer's price + sales tax = market price
If taxes and subsidies have not already been computed as part of GVA, we must compute GDP as:
GDP = GVA + Taxes on products - Subsidies on products

Expenditure method

.In contemporary economies, most things produced are produced for sale, and sold.^ GDP is the value of what has been produced in the economy over the year, not what was actually sold.

^ If the economy produces more goods than are sold, the increase in inventory would generally be included in the GDP figure (as "Investment").
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ But since most of the cars sold in China are produced there, with parts produced by suppliers in China, rising sales in the Middle Kingdom won't translate into jobs for unionized workers in the Middle West.
  • If the economy's stagnant, why are stocks up? The answer is disturbing. - By Daniel Gross - Slate Magazine 27 January 2010 23:58 UTC www.slate.com [Source type: News]

.Therefore, measuring the total expenditure of money used to buy things is a way of measuring production.^ To do that, it measures one main thing: money.
  • CBC News - Money - Beyond GDP: The pursuit of economic happiness 11 January 2010 2:02 UTC www.cbc.ca [Source type: News]

^ GDP – production and expenditure measures .
  • NZIER - Definition of GDP, Gross Domestic Product 27 January 2010 23:58 UTC www.nzier.org.nz [Source type: FILTERED WITH BAYES]

^ GDP from Expenditures – GDP(E) – measures the total expenditures used in the production of the finished goods and services for the economy.
  • GDP - FXPedia 3 February 2010 15:43 UTC www.fxpedia.com [Source type: FILTERED WITH BAYES]

.This is known as the expenditure method of calculating GDP. Note that if you knit yourself a sweater, it is production but does not get counted as GDP because it is never sold.^ GDP – production and expenditure measures .
  • NZIER - Definition of GDP, Gross Domestic Product 27 January 2010 23:58 UTC www.nzier.org.nz [Source type: FILTERED WITH BAYES]

^ How do you calculate readl gdp?
  • WikiAnswers - How to calculate the percentage change in real GDP 11 January 2010 2:02 UTC wiki.answers.com [Source type: General]

^ How do you calculate nominal GDP? .
  • WikiAnswers - How do you calculate nominal GDP 11 January 2010 2:02 UTC wiki.answers.com [Source type: General]

.Sweater-knitting is a small part of the economy, but if one counts some major activities such as child-rearing (generally unpaid) as production, GDP ceases to be an accurate indicator of production.^ The economic indicator for the economy overall is GDP, or Gross Domestic Product.
  • US Economy - US Economy Indicator Is GDP or Gross Domestic Product 3 February 2010 15:43 UTC useconomy.about.com [Source type: General]

^ GDP is the measure of production for the economy as a whole.
  • Gross Domestic Product (GDP), Net Domestic Product (NDP) and Gross National Product (GNP)? - Yahoo! Answers 3 February 2010 15:43 UTC answers.yahoo.com [Source type: General]

^ Since then, no serious attempt has been made to revise U.S. GDP to get a more accurate reflection of the economy.
  • GDP: Not All It’s Cracked Up to Be? — The Green Grok 11 January 2010 2:02 UTC www.nicholas.duke.edu [Source type: FILTERED WITH BAYES]

Components of GDP by expenditure

.GDP (Y) is a sum of Consumption (C), Investment (I), Government Spending (G) and Net Exports (X - M).^ It takes account of all price changes relating to consumption, investment, exports and imports.
  • Census and Statistics Department - National Income and Balance of Payments 27 January 2010 23:58 UTC www.censtatd.gov.hk [Source type: Reference]

^ The major contributors to the increase in real GDP in the third quarter were increases in personal consumption, investment in housing and equipment and software, and an increase in national defense spending.
  • EconEdLink | Focus on Economic Data: U.S. Gross Domestic Product - November 30, 2005 3 February 2010 15:43 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ Government Consumption Expenditures and Gross Investment : The official measure of government purchases for gross domestic product by the government sector.
  • AmosWEB is Economics: Encyclonomic WEB*pedia 3 February 2010 15:43 UTC www.amosweb.com [Source type: FILTERED WITH BAYES]

Y = C + I + G + (X − M)
Here is a description of each GDP component:
.
  • C (consumption) is normally the largest GDP component in the economy, consisting of private (household final consumption expenditure) in the economy.^ Real final sales of domestic product -- GDP less change in private inventories -- increased 2.5 percent in the third quarter, compared with an increase of 0.7 percent in the second.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    ^ China, the world’s third-largest economy, faces “increased difficulties” in maintaining growth in domestic consumption, the nation’s top economic planning agency said.

    ^ It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    .These personal expenditures fall under one of the following categories: durable goods, non-durable goods, and services.^ I think it's good for the following reasons: 1) yes, it's bigger than a smart phone, but it's also smarter than one, able to run iWorks (Apple's Office suite, which...

    ^ HR Block to get these taxes filed so can get some bills p @mathewballard alright good looks, I'll mention it to the HR Block person i..
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    ^ Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    .Examples include food, rent, jewelry, gasoline, and medical expenses but does not include the purchase of new housing.
  • I (investment) includes business investment in equipments for example and does not include exchanges of existing assets.^ Then run a regression of nonresidential investment (which includes equipment and SOFTWARE) with the net worth of Bill Gates.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ This includes residential investment, non-residential investment in structures, and investment in equipment and software.

    ^ The authors include, for example, premiums paid by individuals for disease-specific (for example, cancer) medical insurance policies and the medical benefit payment parts of life and accident insurance policies.
    • Taiwan's New National Health Insurance Program: Genesis And Experience So Far -- Cheng 22 (3): 61 -- Health Affairs 9 February 2010 14:20 UTC content.healthaffairs.org [Source type: Academic]

    .Examples include construction of a new mine, purchase of [software], or purchase of machinery and equipment for a factory.^ This includes residential investment, non-residential investment in structures, and investment in equipment and software.

    ^ Then run a regression of nonresidential investment (which includes equipment and SOFTWARE) with the net worth of Bill Gates.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    .Spending by households (not government) on new houses is also included in Investment.^ Spending by households on new houses is also included in Investment.
    • Gross Domestic Product (GDP) 3 February 2010 15:43 UTC www.maxi-pedia.com [Source type: General]
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ Spending by households (not government) on new houses is also included in Investment.
    • Gross Domestic Product 3 February 2010 15:43 UTC www.wikinvest.com [Source type: News]
    • Gross domestic product 3 February 2010 15:43 UTC www.wikinvest.com [Source type: General]
    • Gross Domestic Product 27 January 2010 23:58 UTC www.wikinvest.com [Source type: General]

    ^ It is composed of consumer spending, investment, government spending...
    • Tag: Gdp - Explore content tagged Gdp on eHow.com 11 January 2010 2:02 UTC www.ehow.com [Source type: General]

    .In contrast to its colloquial meaning, 'Investment' in GDP does not mean purchases of financial products.^ Last updated at: (Beijing Time) Wednesday, December 31, 2003 What does per-capita GDP over US$1,000 mean?
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies.

    ^ Since PCE is almost 70% of GDP, does this mean GDP will be OK in Q1?

    Buying financial products is classed as 'saving', as opposed to investment. .This avoids double-counting: if one buys shares in a company, and the company uses the money received to buy plant, equipment, etc., the amount will be counted toward GDP when the company spends the money on those things; to also count it when one gives it to the company would be to count two times an amount that only corresponds to one group of products.^ Insiders aren’t the only ones who aren’t buying their own shares .

    ^ These are two groups that like to spend money, and the U.S. is in a pickle,” he said.
    • Absence of ‘Sugar Daddy’ to Hurt Markets, Gross Says (Update3) - BusinessWeek 27 January 2010 23:58 UTC www.businessweek.com [Source type: News]

    ^ To do that, it measures one main thing: money.
    • CBC News - Money - Beyond GDP: The pursuit of economic happiness 11 January 2010 2:02 UTC www.cbc.ca [Source type: News]

    .Buying bonds or stocks is a swapping of deeds, a transfer of claims on future production, not directly an expenditure on products.
  • G (government spending) is the sum of government expenditures on final goods and services.^ It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    ^ Above $1,000, the report argues, they begin to buy basic packed and branded goods, and by $5,000 they are buying predominately branded products.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ The major contributors to the increase in real GDP in 2008 were exports, personal consumption expenditures (PCE) for services, federal government spending, nonresidential structures, and state and local government spending.
    • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

    .It includes salaries of public servants, purchase of weapons for the military, and any investment expenditure by a government.^ Government consumption expenditures and gross investment ....
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    ^ It includes all of PRIVATE and PUBLIC consumption, GOVERNMENT outlays, INVESTMENTS and EXPORTS less IMPORTS that occur within a defined territory.
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ Real state and local government consumption expenditures and gross investment decreased 1.1 percent, in contrast to an increase of 3.9 percent.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    .It does not include any transfer payments, such as social security or unemployment benefits.
  • X (exports) represents gross exports.^ The authors include, for example, premiums paid by individuals for disease-specific (for example, cancer) medical insurance policies and the medical benefit payment parts of life and accident insurance policies.
    • Taiwan's New National Health Insurance Program: Genesis And Experience So Far -- Cheng 22 (3): 61 -- Health Affairs 9 February 2010 14:20 UTC content.healthaffairs.org [Source type: Academic]

    .GDP captures the amount a country produces, including goods and services produced for other nations' consumption, therefore exports are added.
  • M (imports) represents gross imports.^ U.S. Customs Service data on exports and imports.

    ^ Exports of goods and services Rs.10 .
    • National income, Gross Domestic Product, National domestic products, National Expenditure, Value of Output, Public Sector Transactions 3 February 2010 15:43 UTC www.business-beacon.com [Source type: Academic]

    ^ Imports, which are subtracted from real GDP decreased, and exports, which are added to real GDP decreased as well, but by a smaller amount.
    • EconEdLink | Focus on Economic Data: Gross Domestic Product - May 2001 3 February 2010 15:43 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

    Imports are subtracted since imported goods will be included in the terms G, I, or C, and must be deducted to avoid counting foreign supply as domestic.
.A fully equivalent definition is that GDP (Y) is the sum of final consumption expenditure (FCE), gross capital formation (GCF), and net exports (X - M).^ Private consumption,the total net exports by business and the capital spending by businesses.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

^ Government consumption expenditures and gross investment ....
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

^ It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

Y = FCE + GCF+ (X − M)
.FCE can then be further broken down by three sectors (households, governments and non-profit institutions serving households) and GCF by five sectors (non-financial corporations, financial corporations, households, governments and non-profit institutions serving households).^ Rather, the government should serve as a kind of financial carburetor to keep a rich mixture of spending power going into the engine, through deficits if necessary.
  • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

^ Consists of GDP less gross value added of farm, of households and institutions, and of general government.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

.The advantage of this second definition is that expenditure is sytematically broken down, firstly, by type of final use (final consumption or capital formation) and, secondly, by sectors making the expenditure, whereas the first definition partly follows a mixed delimitation concept by type of final use and sector.^ Real personal consumption expenditures increased 3.4 percent in the third quarter, in contrast to a decrease of 0.9 percent in the second.

^ The increase in real DPI, in contrast to the decrease in currentdollar DPI, reflected the sharp downturn in the personal consumption expenditures implicit price deflator (IPD) that is used to deflate DPI; the IPD decreased 5.5 percent in the fourth quarter, following an increase of 5.0 percent in the third.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ Real personal consumption expenditures increased 2.2 percent in the first quarter, in contrast to a decrease of 4.3 percent in the fourth.

.Note that C, G, and I are expenditures on final goods and services; expenditures on intermediate goods and services do not count.^ It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

^ Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ Farm output less intermediate goods and services purchased.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

.(Intermediate goods and services are those used by businesses to produce other goods and services within the accounting year.^ Goods used to produce more goods and services in the future are known as Capital Goods.
  • Gross Domestic Product 27 January 2010 23:58 UTC www2.egr.uh.edu [Source type: FILTERED WITH BAYES]

^ Goods produced using primary goods .
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

^ What about goods and services that business and the government use?
  • Economics: The GDP 11 January 2010 2:02 UTC hadm.sph.sc.edu [Source type: FILTERED WITH BAYES]

[5] )
.According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, :In general, the source data for the expenditures components are considered more reliable than those for the income components [see income method, below]."^ For more information see measures of national income .
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ It generates a lot more than Idaho.

^ National income and product accounts of the United States : statistical tables.

[6]

Examples of GDP component variables

.C, I, G, and NX(net exports): If a person spends money to renovate a hotel to increase occupancy rates, the spending represents private investment, but if he buys shares in a consortium to execute the renovation, it is saving.^ Private consumption,the total net exports by business and the capital spending by businesses.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

^ The decrease in real GDP in the fourth quarter primarily reflected negative contributions from exports, personal consumption expenditures, equipment and software, and residential fixed investment that were partly offset by positive contributions from private inventory investment and federal government spending.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ "NX" is the nation's total net exports, calculated as total exports minus total imports.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

.The former is included when measuring GDP (in I), the latter is not.^ The former is included when measuring GDP (in I ), the latter is not.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ The difference between them is that, while the latter measures all the output produced domestically (within the borders of the U.S.), the former does not, as it only measures the output of firms owned by Americans.
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

^ Analyze and compare various measurements of growth, including GDP. Identify the factors that influenced the rate of GDP growth in the fourth quarter of 2008.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

However, when the consortium conducted its own expenditure on renovation, that expenditure would be included in GDP.
.If a hotel is a private home, spending for renovation would be measured as consumption, but if a government agency converts the hotel into an office for civil servants, the spending would be included in the public sector spending, or G.^ By contrast, GDP measures are tougher on private-sector spending.
  • God Bless the GDP? No, God Damn the GDP! - Hit & Run : Reason Magazine 11 January 2010 2:02 UTC reason.com [Source type: FILTERED WITH BAYES]

^ However, when the consortium conducted its own expenditure on renovation, that expenditure would be included in GDP. If the hotel is your private home your renovation spending would be measured as C onsumption, but if a government agency is converting the hotel into an office for civil servants the renovation spending would be measured as part of public sector spending ( G ).
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ If the hotel is your private home your renovation spending would be measured as C onsumption, but if a government agency is converting the hotel into an office for civil servants the renovation spending would be measured as part of public sector spending ( G ).
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

.If the renovation involves the purchase of a chandelier from abroad, that spending would be counted as C, G, or I (depending on whether a private individual, the government, or a business is doing the renovation), but then counted again as an import and subtracted from the GDP so that GDP counts only goods produced within the country.^ Imports, which are a subtraction in the calculation of GDP, decreased.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]
  • Calculated Risk: GDP 11 January 2010 2:02 UTC www.calculatedriskblog.com [Source type: General]

^ Hmm I'm not sure about that, this would suggest that subjective well-being is dependant on the market price of all final goods and services produced within a country in a given period of time (GDP).
  • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

^ GDP=the total dollar value of all goods and services produced over a specific time period in a nation...
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

.If a domestic producer is paid to make the chandelier for a foreign hotel, the payment would not be counted as C, G, or I, but would be counted as an export.^ If you are paid to manufacture the chandelier to hang in a foreign hotel the situation would be reversed, and the payment you receive would be counted in NX (positively, as an export).
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ The "Domestic" refers to the requirement that the economic activity must take place within the boundaries of Canada, so goods produced by Canadian companies overseas are not factored in, and goods produced for foreign companies in Canada are.
  • CBC News - Money - GDP 9 February 2010 14:20 UTC www.cbc.ca [Source type: News]
  • CBC News - Money - GDP 11 January 2010 2:02 UTC www.cbc.ca [Source type: News]

^ (The value of the automobile to society is what is paid for it by the consumer; not this plus what the automobile assembly plant pays for the battery plus what the battery maker pays for the components it of the battery it produces, plus what the automobile assembly plant pays for the tires, plus what the tire manufacturer pays for the rubber it makes the tires from, and so forth.
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

Income method

.Another way of measuring GDP is to measure total income.^ GDP can also measure all income earned.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ GDP can be measured in three ways: .
  • BBC NEWS | Business | Q&A: What is GDP? 11 January 2010 2:02 UTC news.bbc.co.uk [Source type: News]

^ Another way of measuring GDP is to measure the total income payable in the GDP income accounts.
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

.If GDP is calculated this way it is sometimes called Gross Domestic Income (GDI), or GDP(I).^ GDP Gross domestic product .
  • GAO � General Accounting Office 1 February 2010 7:57 UTC agriculture.house.gov [Source type: Reference]

^ GDP see GROSS DOMESTIC PRODUCT. .
  • Accounting Terms � Part G 3 February 2010 15:43 UTC www.ventureline.com [Source type: FILTERED WITH BAYES]

^ See also gross domestic product (GDP) .
  • gross national product Facts, information, pictures | Encyclopedia.com articles about gross national product 27 January 2010 23:58 UTC www.encyclopedia.com [Source type: Academic]

.GDI should provide the same amount as the expenditure method described above.^ This should provide the same figure as the expenditure method described above.
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ Theoretically, all three methods should produce the same result although, in practice, this almost never happens.
  • The "GDP Fraud" 11 January 2010 2:02 UTC dailyreckoning.com [Source type: FILTERED WITH BAYES]

^ The methods described provide promising results for the extrapolation of national and sub-national income per capita figures.
  • International Journal of Health Geographics | Full text | From wealth to health: modelling the distribution of income per capita at the sub-national level using night-time light imagery 9 February 2010 14:20 UTC www.ij-healthgeographics.com [Source type: Academic]

.(By definition, GDI = GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies.^ (By definition, GDI=GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ However, that's not what the GDP deflator measures.
  • Economist's View: The GDP Deflator and the Inflation Rate 11 January 2010 2:02 UTC economistsview.typepad.com [Source type: FILTERED WITH BAYES]

^ The figures are compiled by Office for National Statistics .
  • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

)
.Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by the income approach.^ Another way of measuring GDP is to measure the total income payable in the GDP income accounts.
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ GDP can also measure all income earned.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ GDP can be measured either from the expenditure approach or the income approach.

A common one is:
GDP = compensation of employees + gross operating surplus + gross mixed income + taxes less subsidies on production and imports
GDP = COE + GOS + GMI + TP & M - SP & M
  • Compensation of employees (COE) measures the total remuneration to employees for work done. .It includes wages and salaries, as well as employer contributions to social security and other such programs.
  • Gross operating surplus (GOS) is the surplus due to owners of incorporated businesses.^ Gross operating surplus (GOS) is the surplus due to owners of incorporated businesses.
    • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
    • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

    ^ It includes wages and salaries, as well as employer contributions to social security and other such programs.
    • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
    • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

    ^ Gross operating surplus .
    • 5206.0 - Australian National Accounts: National Income, Expenditure and Product, Jun 2006 3 February 2010 15:43 UTC www.abs.gov.au [Source type: FILTERED WITH BAYES]

    .Often called profits, although only a subset of total costs are subtracted from gross output to calculate GOS.
  • Gross mixed income (GMI) is the same measure as GOS, but for unincorporated businesses.^ The nation's central measure of well being works like a calculating machine that adds but cannot subtract.
    • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

    ^ We adjusted for some factors (such as income distribution), added certain others (such as the value of housework and community work), and subtracted yet others (such as pollution costs and the like).
    • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

    ^ Source of US economic statistics including national income and product accounts (NIPAs), gross domestic product (GDP) and related measures of national, regional, industry and international accounts.
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    This often includes most small businesses.
.The sum of COE, GOS and GMI is called total factor income; it is the income of all of the factors of production in society.^ The GDP is the total value of all the products (often called goods...
  • Tag: Gdp - Explore content tagged Gdp on eHow.com 11 January 2010 2:02 UTC www.ehow.com [Source type: General]

^ Globally, GDP is equal to the total monetary income generated by production of goods and services in a country.
  • What Is The GDP Impact of Social Media? | The Relationship Economy...... 11 January 2010 2:02 UTC www.relationship-economy.com [Source type: General]

^ GDP: The sum of value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation output.
  • Indicator information: Globalis - an interactive world map 9 February 2010 14:20 UTC globalis.gvu.unu.edu [Source type: Academic]

.It measures the value of GDP at factor (basic) prices.^ "GDP is valued at market prices.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ GDP is also a measure of total consumer, investment and government spending plus the value of exports minus imports.
  • EUROPA - Press Releases - Questions and Answers on Gross DomesticProduct (GDP) 3 February 2010 15:43 UTC europa.eu [Source type: Reference]
  • EUROPA - Press Releases - Questions and Answers on Gross Domestic Product and beyond 3 February 2010 15:43 UTC europa.eu [Source type: Reference]

^ Although the actual methods of measuring GDP are quite complex and constantly are being tweaked by government statisticians, the basic process is straightforward.
  • The Joy of Economics 11 January 2010 2:02 UTC faculty.winthrop.edu [Source type: FILTERED WITH BAYES]

.The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production.^ GDP = GVA + taxes on products - subsidies on products.
  • G - GAAP to Guarantee - Dictionary 3 February 2010 15:43 UTC www.tuition.com.hk [Source type: FILTERED WITH BAYES]

^ Taxes less subsidies on products .
  • Instituto Nacional de Estad�stica. (National Statistics Institute) 1 February 2010 7:57 UTC www.ine.es [Source type: FILTERED WITH BAYES]

^ Total, basic prices .
  • Table: Gross Domestic Product by industries, volume indices 1997-2007 3 February 2010 15:43 UTC www.statice.is [Source type: Reference]

.So adding taxes less subsidies on production and imports converts GDP at factor cost to GDP(I).^ Real final sales of domestic product -- GDP less change in private inventories -- increased 2.5 percent in the third quarter, compared with an increase of 0.7 percent in the second.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

^ Consists of GDP less gross value added of farm, of households and institutions, and of general government.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ We adjusted for some factors (such as income distribution), added certain others (such as the value of housework and community work), and subtracted yet others (such as pollution costs and the like).
  • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

Total factor income is also sometimes expressed as:
Total factor income = Employee compensation + Corporate profits + Proprieter's income + Rental income + Net interest[7]
Yet another formula for GDP by the income method is:[citation needed]
GDP = R + I + P + SA + W
where R : rents
I : interests
P : profits
SA : statistical adjustments (corporate income taxes, dividends, undistributed corporate profits)
W : wages
Note the mnemonic, "ripsaw".

The production boundary

.Not all useful human activity is counted in GDP. Indeed, not everything that economists recognise as "production" is counted in GDP. The economists who compile GDP readily admit even the latter point.^ Transfer payments [when you take tax money from those who are working & give it to those who are not working] (do/do not) count in GDP because they (do/do not) reflect current production.
  • Gross Domestic Product 3 February 2010 15:43 UTC www.slideshare.net [Source type: General]

^ GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.
  • Figure 4.2. Per capita GDP Average Annual Growth, 1990-2003 - Figures and Tables 9 February 2010 14:20 UTC www.greenfacts.org [Source type: Academic]

^ Gross Domestic Product (GDP): The value of all final goods and services produced within a nation in a given year.
  • Total Expenditure on Health (as Percent of Gross Domestic Product) - GlobalHealthFacts.org 3 February 2010 15:43 UTC www.globalhealthfacts.org [Source type: FILTERED WITH BAYES]
  • Total Expenditure on Health (as Percent of Gross Domestic Product) - GlobalHealthFacts.org 27 January 2010 23:58 UTC www.globalhealthfacts.org [Source type: FILTERED WITH BAYES]

.However, it raises several questions: What does GDP actually measure?^ GDP does NOT measure prosperity.
  • gdp Resources | ZDNet 11 January 2010 2:02 UTC updates.zdnet.com [Source type: General]

^ GDP does not measure the sustainability of growth .
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ However, that's not what the GDP deflator measures.
  • Economist's View: The GDP Deflator and the Inflation Rate 11 January 2010 2:02 UTC economistsview.typepad.com [Source type: FILTERED WITH BAYES]

Is it a useful figure? .Does it mean what most people think it means?^ If you look at wealth instead of GDP, it becomes obvious why most people think this country is on the wrong track.
  • GDP vs. RMI | Mother Jones 11 January 2010 2:02 UTC motherjones.com [Source type: General]

^ People don’t get very excited about 2% vs 4% so what does that mean in real dollars.

The economists who compile national accounts speak of a "production boundary" that delimits what will be counted as GDP.
."One of the fundamental questions that must be addressed in preparing the national economic accounts is how to define the production boundary – that is, what parts of the myriad human activities are to be included in or excluded from the measure of the economic production."^ Source of US economic statistics including national income and product accounts (NIPAs), gross domestic product (GDP) and related measures of national, regional, industry and international accounts.
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

^ If the question is: "can I increase the size of a measured variable by boosting one of the components of that variable," then the answer is undoubtedly "yes"--but this is trivial.
  • GDP Growing Again: Are We Finally Okay? - Megan McArdle 1 February 2010 7:57 UTC meganmcardle.theatlantic.com [Source type: FILTERED WITH BAYES]

^ GDP, Gross Domestic Product, is a measure of Economic growth which refers only to the quantity of goods and services produced in a nation.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

[8]
.All output for market is at least in theory included within the boundary.^ That is, what is the market value of all the output produced in a nation, the United States, for example, in one year.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ The difference between them is that, while the latter measures all the output produced domestically (within the borders of the U.S.), the former does not, as it only measures the output of firms owned by Americans.
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

^ A. GDP is the monetary measure of the total market value of all final goods and services produced within a country in one year.

.Market output is defined as that which is sold for "economically significant" prices; economically significant prices are "prices which have a significant influence on the amounts producers are willing to supply and purchasers wish to buy."^ Goods markets - Markets in which outputs of goods and services are sold.
  • G - GAAP to Guarantee - Dictionary 3 February 2010 15:43 UTC www.tuition.com.hk [Source type: FILTERED WITH BAYES]

^ The economic significance of a thing lay not in its nature but simply in its market price.
  • If the GDP is Up, Why is America Down? - 95.10 11 January 2010 2:02 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

^ There is a tendency among market participants to make too much of the real-side influence of financial market prices and events.
  • Econbrowser: Weak GDP report 9 February 2010 14:20 UTC www.econbrowser.com [Source type: General]

[9] .An exception is that illegal goods and services are often excluded even if they are sold at economically significant prices (Australia and the United States exclude them).^ Goods markets - Markets in which outputs of goods and services are sold.
  • G - GAAP to Guarantee - Dictionary 3 February 2010 15:43 UTC www.tuition.com.hk [Source type: FILTERED WITH BAYES]

^ This is the total of all transactions of the goods and services of the United States.
  • World News & Prophecy > December 2005 > Gross Domestic Product: Is It the Measuring Stick of Success? 3 February 2010 15:43 UTC www.wnponline.org [Source type: Original source]

^ Going rate – The price that goods or services ‘on average’ are sold for.
  • G - GAAP to Guarantee - Dictionary 3 February 2010 15:43 UTC www.tuition.com.hk [Source type: FILTERED WITH BAYES]

This leaves non-market output. It is partly excluded and partly included. .First, "natural processes without human involvment or direction" are excluded.^ Natural resources that can be replaced or replenished by natural processes or human action.
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

[10] Also, there must be a person or institution that owns or is entitled to compensation for the product. .An example of what is included and excluded by these criteria is given by the United States' national accounts agency: "the growth of trees in an uncultivated forest is not included in production, but the harvesting of the trees from that forest is included."^ Tables show United States national economic accounts by industry.
  • Scholarly Internet Resources: Search Results 3 February 2010 15:43 UTC infomine.ucr.edu [Source type: FILTERED WITH BAYES]

^ National income and product accounts show the production and distribution of goods and services in the United States.
  • Scholarly Internet Resources: Search Results 3 February 2010 15:43 UTC infomine.ucr.edu [Source type: FILTERED WITH BAYES]

^ More news Gross Domestic Product (GDP) According to Wikipedia, the gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country's economy.
  • Australia Gross Domestic Product (GDP) 3 February 2010 15:43 UTC tradingeconomics.com [Source type: General]

[11]
Within the limits so far described, the boundary is further constricted by "functional considerations."[12] .The Australian Bureau for Statistics explains this: "The national accounts are primarily constructed to assist governments and others to make market-based macroeconomic policy decisions, including analysis of markets and factors affecting market performance, such as inflation and unemployment."^ Supply conditions to consider include technology; production methods; development efforts; ability to increase production (including the shift of production facilities used for other products and the use, cost, or availability of major inputs into production); and factors related to the ability to shift supply among different national markets (including barriers to importation in foreign markets or changes in market demand abroad).
  • Justia Regulation Tracker Investigations: Frozen Warmwater Shrimp from Brazil, China, India, Thailand, and Vietnam , - International Trade Commission - 1078–1080 [2010–88] 27 January 2010 23:58 UTC regulations.justia.com [Source type: FILTERED WITH BAYES]

^ Use of the data is in the public domain and should be compared to all other economic data sources when used in decision-making.
  • Stock Market Information | FinancialContent.com 27 January 2010 23:58 UTC finance.sfgate.com [Source type: General]

^ The Commerce Department's Bureau of Economic Analysis [BEA] is the U.S. government agency responsible for making quarterly estimates of the size of GDP and the related measures of economic performance that comprise the National Income and Product Accounts.
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

.Consequently, production that is, according to them, "relatively independent and isolated from markets," or "difficult to value in an economically meaningful way" [ie., difficult to put a price on] is excluded.^ According to the definition, GDP is the total market value of production.
  • AmosWEB is Economics: Encyclonomic WEB*pedia 3 February 2010 15:43 UTC www.amosweb.com [Source type: FILTERED WITH BAYES]

^ "GDP is valued at market prices.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ Imputations measure the value of goods and services that are not fully reflected in market prices, such as the value of compensation-in-kind, such as meals provided by employers, and the value of owner-occupied housing."
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

[13] .Thus excluded are services provided by people to members of their own families free of charge, such as child rearing, meal preparation, cleaning, transportation, entertainment of family members, emotional support, care of the elderly.^ Imputations measure the value of goods and services that are not fully reflected in market prices, such as the value of compensation-in-kind, such as meals provided by employers, and the value of owner-occupied housing."
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ This includes productive activities performed around the house, such as cooking, cleaning, home repairs, and even entertainment.
  • AmosWEB is Economics: Encyclonomic WEB*pedia 3 February 2010 15:43 UTC www.amosweb.com [Source type: FILTERED WITH BAYES]

^ Governments prevent such a scenario by regulating utility monopolies or providing utility services themselves.
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

[14] .Most other production for own (or one's family's) use is also excluded, with two notable exceptions which are given in the list later in this section.^ The current regime of oppressive ethnic federalism continues to use force to deny Ethiopians their right to 1 gasha of freehold land given to every family by the Emperor.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

^ When you give one group a placebo and the other the test drug, you don't know with absolutely certaintly that if you switched the two groups outcomes would be the same.
  • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

^ Vietnam's gross domestic product has been growing 8% to 9% annually in recent years, making it one of Asia's most popular destinationsfor foreign direct investment.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

.Nonmarket outputs that are included within the boundary are listed below.^ GDP measures the output of all labor and capital within the U.S. geographical boundary regardless of the residence of that labor or owner of capital.
  • Gross Domestic Product, by Lincoln Anderson: The Concise Encyclopedia of Economics | Library of Economics and Liberty 3 February 2010 15:43 UTC www.econlib.org [Source type: FILTERED WITH BAYES]

^ Determine if each of the items listed below should be included in GDP and under which component or components: Consumption, Investment, Government, Exports or Imports.
  • EconEdLink | Focus on Economic Data: Gross Domestic Product - May 2001 3 February 2010 15:43 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

.Since, by definition, they do not have a market price, the complilers of GDP must impute a value to them, usually either the cost of the goods and services used to produce them, or the value of a similar item that is sold on the market.^ GDP is the value of what has been produced in the economy over the year, not what was actually sold.

^ Goods markets - Markets in which outputs of goods and services are sold.
  • G - GAAP to Guarantee - Dictionary 3 February 2010 15:43 UTC www.tuition.com.hk [Source type: FILTERED WITH BAYES]

^ Cost of goods sold .
  • Stock Market Information | FinancialContent.com 27 January 2010 23:58 UTC finance.boston.com [Source type: News]
  • Denver Post: Stocks 27 January 2010 23:58 UTC finance.denverpost.com [Source type: News]

.
  • Goods and services provided by governments and non-profit organisations free of charge or for economically insignficant prices are included.^ G: Purchases of goods and services by governments .
    • Chapter 5. The 3 Major Macroeconomic Variables: GDP, Unemployment, and Inflation 9 February 2010 14:20 UTC cepfe.nmsu.edu [Source type: FILTERED WITH BAYES]

    ^ The value of inputs is included in the price of the final good or service.
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

    ^ It included 184 different goods and services.
    • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

    .The value of these goods and services is estimated as equal to their cost of production.^ Even estimating the value of production was a challenge.
    • Methodology - District Gross Domestic Product 3 February 2010 15:43 UTC www.slideshare.net [Source type: Reference]

    ^ Accordingly, these values have been estimated.
    • Methodology - District Gross Domestic Product 3 February 2010 15:43 UTC www.slideshare.net [Source type: Reference]

    ^ How are these goods and services selected?
    • DSEC - FAQ 9 February 2010 14:20 UTC www.dsec.gov.mo [Source type: FILTERED WITH BAYES]

    [15]
  • .
  • Goods and services produced for own-use by businesses are attempted to be included.^ It included 184 different goods and services.
    • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

    ^ Goods produced using primary goods .
    • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

    ^ A stock of wealth used to produce goods and services.
    • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

    .An example of this kind of production would be a machine constructed by an engineering firm for use in its own plant.
  • Renovations and upkeep by an individual to a home that she owns and occupies are included.^ For example, the price of an automobile is higher than it otherwise would be because an automobile assembly plant pays property taxes.
    • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

    ^ Not all "productive" activities are included in GDP. Some activities, such as caring for your own children, unpaid volunteer work for charities, or illegal or black-market activities, are not included.
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

    ^ The value of food produced and consumed by farm households is counted in GDP. More important, an estimate of the rental values of owner-occupied homes is included.

    .The value of the upkeep is estimated as the rent that she could charge for the home if she did not occupy it herself.^ Services include rent paid on apartments (or estimated values for owner-occupied housing), airplane tickets, legal and medical advice or treatment, electricity and other utilities.
    • EconEdLink | Focus on Economic Data: U.S. Gross Domestic Product - November 30, 2005 3 February 2010 15:43 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

    ^ The value of food produced and consumed by farm households is counted in GDP. More important, an estimate of the rental values of owner-occupied homes is included.

    ^ The services of owner-occupied housing is the estimated rental value of a house owned by the occupant.
    • AmosWEB is Economics: Encyclonomic WEB*pedia 3 February 2010 15:43 UTC www.amosweb.com [Source type: FILTERED WITH BAYES]

    .This is the largest item of production for own use by an individual (as opposed to a business) that the compilers include in GDP.[16]
  • Agricultural production for consumption by oneself or one's household is included.
  • Services (such as chequeing-account maintenance and services to borrowers) provided by banks and other financial institutions without charge or for a fee that does not reflect their full value have a value imputed to them by the compilers and are included.^ It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    ^ Industrial production value is estimated at 130 trillion VND (8.1 billion USD), a year-on-year increase of 16.6 percent.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ Consists of GDP less gross value added of farm, of households and institutions, and of general government.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
    • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

    .The financial institutions provide these services by giving the customer a less advantageous interest rate than they would if the services were absent; the value imputed to these services by the compilers is the difference between the interest rate of the account with the services and the interest rate of a similar account that does not have the services.^ In these cases, the value of the good or service produced is “imputed” from similar market transactions.
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

    ^ Although GO statistics have yet to be compiled in Europe, Asia and Latin America, I suspect the results would be strikingly similar – business investment is significantly larger than consumer spending in all major industrial nations.
    • IPD's Capacity Building and Journalism Program; Economic Journalism Training 11 January 2010 2:02 UTC www2.gsb.columbia.edu [Source type: News]

    ^ Current Account: This quarterly report is released by the Bureau of Economic Analysis (BEA) and measures the difference between net exports and net imports of a country, excluding financial assets & liabilities transactions.
    • GDP News - GOODRICH PETROLEUM CORP. news, press releases and podcasts on Boston.com 11 January 2010 2:02 UTC finance.boston.com [Source type: News]
    • GDP News - GOODRICH PETROLEUM CORP. news, press releases and podcasts on Boston.com 1 February 2010 7:57 UTC finance.boston.com [Source type: News]

    According to the United States Bureau for Economic Analysis, this is one of the largest imputed items in the GDP.[17]

GDP vs GNI

.GDP can be contrasted with gross national product (GNP) or gross national income (GNI).^ Vietnam could double its gross domestic product by the end of the decade with GDP per capita reaching US$1,100 in 2010.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

^ See notes for: Gross domestic product, current prices (National currency) Population (Persons).
  • GDP Per Capita (PPP), US Dollars Data for All Countries 9 February 2010 14:20 UTC www.economywatch.com [Source type: FILTERED WITH BAYES]

^ Academic Probation = Low-Income GDP Per Capita which is under $1000 Vietnams gross domestic product (GDP) is proposed to reach about US$70 billion in 2007 I am not bashing Vietnam or anything.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

.The difference is that GDP defines its scope according to location, while GNP defines its scope according to ownership.^ How do GDP and GNP differ?
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, February 27, 2009 11 January 2010 2:02 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

^ The level of GDP in different countries may be compared by converting their value in national currency according to either .
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ However, GNP includes the output of American-owned firms located abroad, while GDP does not.
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

.GDP is product produced within a country's borders; GNP is product produced by enterprises owned by a country's citizens.^ GDP, GNP, and GDP by industry, product and sector.
  • Title Seen on Browser Goes Here 3 February 2010 15:43 UTC www.ewp.rpi.edu [Source type: Academic]

^ More news Gross Domestic Product (GDP) According to Wikipedia, the gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country's economy.
  • Australia Gross Domestic Product (GDP) 3 February 2010 15:43 UTC tradingeconomics.com [Source type: General]

^ It was never meant to be the measure of our well-being, they say, only the measure of our production—literally, the total value of the goods and services produced within the national borders in a given year.
  • Misleading Indicator - The Atlantic(November 2009) 3 February 2010 15:43 UTC www.theatlantic.com [Source type: FILTERED WITH BAYES]

.The two would be the same if all of the productive enterprises in a country were owned by its own citizens, but foreign ownership makes GDP and GNP non-identical.^ The two terms GDP and GNP are almost identical.
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]

^ These all make the GDP rise.
  • OnTheCommons.org » The Cult of GDP 11 January 2010 2:02 UTC www.onthecommons.org [Source type: General]

^ GDP, GNP, and GDP by industry, product and sector.
  • Title Seen on Browser Goes Here 3 February 2010 15:43 UTC www.ewp.rpi.edu [Source type: Academic]

Production within a country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNP; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNP but not its GDP.
.To take the United States as an example, the U.S.'s GNP is the value of output produced by American-owned firms, regardless of where the firms are located.^ That is, what is the market value of all the output produced in a nation, the United States, for example, in one year.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ "GDP captures output produced in the United States.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ However, GNP includes the output of American-owned firms located abroad, while GDP does not.
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

.Gross national income (GNI) equals GDI plus income receipts from the rest of the world minus income payments to the rest of the world.^ Plus: Income receipts from the rest of the world ...
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

^ Gross national income .
  • International Economics Glossary: G 3 February 2010 15:43 UTC www-personal.umich.edu [Source type: FILTERED WITH BAYES]

^ AM PDT. National income is equal to gdp.
  • GDP vs. RMI | Mother Jones 11 January 2010 2:02 UTC motherjones.com [Source type: General]

.In 1991, the United States switched from using GNP to using GDP as its primary measure of production.^ Beginning in 1991, the BEA began using gross domestic product (GDP), rather than gross national product (GNP), as the primary measurement of U.S. production.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, February 27, 2009 11 January 2010 2:02 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

^ "GDP is a measure of current production, not sales.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ GDP, GNP, and GDP by industry, product and sector.
  • Title Seen on Browser Goes Here 3 February 2010 15:43 UTC www.ewp.rpi.edu [Source type: Academic]

[18] .The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts[19] .^ The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and real GDP for the different vintages of the estimates.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/NipaFrb.asp.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ Downloads: 0 united states gross domestic product Views: 91 .
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

International standards

.The international standard for measuring GDP is contained in the book System of National Accounts (1993), which was prepared by representatives of the International Monetary Fund, European Union, Organization for Economic Co-operation and Development, United Nations and World Bank.^ For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables.
  • GDP Per Capita (PPP), US Dollars Data for All Countries 9 February 2010 14:20 UTC www.economywatch.com [Source type: FILTERED WITH BAYES]

^ (NX = Exports - Imports) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

^ If not, the lack of an international airport will hinder the national economys development and global integration.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

The publication is normally referred to as SNA93 to distinguish it from the previous edition published in 1968 (called SNA68)[citation needed].
.SNA93 provides a set of rules and procedures for the measurement of national accounts.^ SNA93 sets out a set of rules and procedures for the measurement of national accounts.
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ Sustainable National Income is a measure of national income that takes the impact of economic growth on the environment into account.
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ Household savings cannot be directly measured by the National Accounts.
  • 5206.0 - Australian National Accounts: National Income, Expenditure and Product, Jun 2006 3 February 2010 15:43 UTC www.abs.gov.au [Source type: FILTERED WITH BAYES]

.The standards are designed to be flexible, to allow for differences in local statistical needs and conditions.^ The standards are designed to be flexible, to allow for differences in local statistical needs and conditions.
  • Gross domestic product at AllExperts 3 February 2010 15:43 UTC en.allexperts.com [Source type: FILTERED WITH BAYES]
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ Widely in that some measure of GDP is available for practically every country in the world, which allow crude comparisons between the standard of living in different countries.
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ Chinese economic data are constructed very differently from the roughly comparable U.S. statistics , so that looking at Chinese data through a lens conditioned by U.S. data-building and reporting conventions can be misleading.
  • China News: GDP | China Digital Times (CDT) 11 January 2010 2:02 UTC chinadigitaltimes.net [Source type: News]

National measurement

.Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to the information required (especially information on expenditure and production by governments).^ Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to the information required (especially information on expenditure and production by governments).
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Within each country GDP is normally measured by a national government statistical agency, as private sector organisations normally do not have access to the information required (especially information on expenditure and production by governments).
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ "GDP is a measure of current production, not sales.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

Interest rates

.Net interest expense is a transfer payment in all sectors except the financial sector.^ It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ Net interest and miscellaneous payments .......................................................................
  • Gross Domestic Product Report - Fourth Quarter 2008 27 January 2010 23:58 UTC www.docstoc.com [Source type: FILTERED WITH BAYES]

^ Net interest and miscellaneous payments ...............................................................
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

Net interest expenses in the financial sector are seen as production and value added and are added to GDP.

Adjustments to GDP

.When comparing GDP figures from one year to another, it is desirable to compensate for changes in the value of money – inflation or deflation.^ GDP is obtained by adding the value contributed by each sector of the economy in the form of profits, compensation to employees, and depreciation (consumption of capital).
  • Library of Congress / Federal Research Division / Country Studies /Area Handbook Series /Chile / Glossary 1 February 2010 7:57 UTC lcweb2.loc.gov [Source type: FILTERED WITH BAYES]

^ The economic value of health care is another classic example—it may raise GDP if many people are sick and they are receiving expensive treatment, but it is not a desirable situation.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Gross Domestic Product (GDP): The value of all final goods and services produced within a nation in a given year.
  • Total Expenditure on Health (as Percent of Gross Domestic Product) - GlobalHealthFacts.org 3 February 2010 15:43 UTC www.globalhealthfacts.org [Source type: FILTERED WITH BAYES]

.The raw GDP figure as given by the equations above is called the nominal, or historical, or current, GDP. To make it more meaningful for year-to-year comparisons, it may be multiplied by the ratio between the value of money in the year the GDP was measured and the value of money in some base year.^ Measurement of GDP is base on these constraints: .
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ "GDP is a measure of current production, not sales.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, September 30, 2009 9 February 2010 14:20 UTC my.econedlink.org [Source type: FILTERED WITH BAYES]

^ GDP is also a measure of total consumer, investment and government spending plus the value of exports minus imports.
  • EUROPA - Press Releases - Questions and Answers on Gross DomesticProduct (GDP) 3 February 2010 15:43 UTC europa.eu [Source type: Reference]

.For example, suppose a country's GDP in 1990 was $100 million and its GDP in 2000 was $300 million; but suppose that inflation had halved the value of its currency over that period.^ GDP is not the *value* of a country, it is the annual output of a country.
  • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

^ But the value of time off is not countable, in GDP. Also, per capital PPP could be high in a country with a small set of extremely rich people, while most people are not so well off.
  • CARPE DIEM: MS Per Capita GDP (PPP) Higher Than EU, Japan 20 September 2009 18:50 UTC mjperry.blogspot.com [Source type: FILTERED WITH BAYES]

^ Second, it is equal to the sum of the value added at every stage of production (the intermediate stages) by all the industries within a country, plus taxes less subsidies on products, in the period.
  • World Oil Consumption Per Capita - Google Earth Community 9 February 2010 14:20 UTC bbs.keyhole.com [Source type: General]

.To meaningfully compare its 2000 GDP to its 1990 GDP we could multiply the 2000 GDP by one-half, to make it relative to 1990 as a base year.^ Kevyn (4:20 pm) : Step one is to admit that the target of 300 for this year was computed in 2000...
  • 40 years on, GDP is still a flawed measure | frogblog 11 January 2010 2:02 UTC blog.greens.org.nz [Source type: General]

^ In the seasonally adjusted GDP series, seasonal effects have been removed statistically, thus enabling figures for consecutive quarters to be compared more meaningfully.
  • Census and Statistics Department - National Income and Balance of Payments 27 January 2010 23:58 UTC www.censtatd.gov.hk [Source type: Reference]

^ One advantage of the models based on monthly indicators, compared to models based on quarterly NIPA aggregates such as GDP, is timeliness.
  • FRB: Finance and Economics Discussion Series: Screen Reader Version - Estimating Probabilities of Recession in Real Time Using GDP and GDI 11 January 2010 2:02 UTC www.federalreserve.gov [Source type: FILTERED WITH BAYES]

.The result would be that the 2000 GDP equals $300 million x one-half = $150 million, in 1990 monetary terms. We would see that the country's GDP had, realistically, increased by 1.5 times over that period, not 3 times, as it might appear from the raw GDP data.^ Real GDP would increase.

^ See if I can get one through this time.
  • United States GDP, Q2 2009 in at -1% | The Economic Populist 11 January 2010 2:02 UTC www.economicpopulist.org [Source type: General]

^ It is possible that the monetary value of the items sold in the first case is higher than that in the second case, in which case a higher GDP is simply the result of greater inefficiency and waste.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

The GDP adjusted for changes in money-value in this way is called the real, or constant, GDP.
.The factor used to convert GDP from current to constant values in this way is called the GDP deflator.^ Real GDP is in current dollars and GDP is in constant dollars.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

^ GDP is measured in both current- and constant-value dollars .
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

^ In international practice, it is deducted from the gross value added of all producers as a way to obtain the GDP estimate by the production approach.
  • DSEC - FAQ 9 February 2010 14:20 UTC www.dsec.gov.mo [Source type: FILTERED WITH BAYES]

.Unlike the Consumer price index, which measures inflation (or deflation – rarely!^ March consumer price index decreases 0.22 percent, pulling the figure of three months to a growth rate of 3.02 percent.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

) in the price of household consumer goods, the .GDP deflator measures changes in the prices all domestically produced goods and services in an economy – including investment goods and government services, as well as household consumption goods.^ It takes account of all price changes relating to consumption, investment, exports and imports.
  • Census and Statistics Department - National Income and Balance of Payments 27 January 2010 23:58 UTC www.censtatd.gov.hk [Source type: Reference]

^ Consumer price index is an indicator reflecting price changes of goods and services in the domestic consumption market.
  • DSEC - FAQ 9 February 2010 14:20 UTC www.dsec.gov.mo [Source type: FILTERED WITH BAYES]

^ GDP is often a measure of the state of the economy.
  • Gross Domestic Product | Economy & Economic Indicators > Output & Demand | Business solutions from AllBusiness.com 3 February 2010 15:43 UTC www.allbusiness.com [Source type: News]

[20]
.Constant-GDP figures allow us to calculate a GDP growth rate, which tells us how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year.^ US sees biggest GDP growth in six years .
  • Gross Domestic Product - Blogrunner 3 February 2010 15:43 UTC www.blogrunner.com [Source type: News]

^ Gross domestic product (GDP) growth rate> Annual .
  • Economic & Social Data Rankings/ Suzuki Labo, School of Global Japanese Studies, Meiji University 2-Dimension Cross Ranking Gross Domestic Product (GDP) by sector> Construction sector (2005) X 3 February 2010 15:43 UTC www.kisc.meiji.ac.jp [Source type: FILTERED WITH BAYES]
  • Economic & Social Data Rankings/ Suzuki Labo, School of Global Japanese Studies, Meiji University 2-Dimension Cross Ranking Gross domestic product (GDP) per capita> By purchasing power parity (PPP) (2008 (estimate)) X 9 February 2010 14:20 UTC www.kisc.meiji.ac.jp [Source type: FILTERED WITH BAYES]

^ Determine how unemployment rate is calculated .
  • Chapter 5. The 3 Major Macroeconomic Variables: GDP, Unemployment, and Inflation 9 February 2010 14:20 UTC cepfe.nmsu.edu [Source type: FILTERED WITH BAYES]

Real GDP growth rate for year n = [(Real GDP in year n) - (Real GDP in year n - 1)]/ (Real GDP in year n - 1)
.Another thing that it may be desirable to compensate for is population growth.^ If there is another revision of the Q4 data in the final estimate in March, 2009, the whole year may be revised downward to a negative growth figure.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, February 27, 2009 11 January 2010 2:02 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

.If a country's GDP doubled over some period but its population tripled, the increase in GDP may not be deemed such a great accomplishment: the average person in the country is producing less than they were before.^ That’s more than the total GDP of some OECD countries in the same period.
  • China News: Green GDP | China Digital Times (CDT) 11 January 2010 2:02 UTC chinadigitaltimes.net [Source type: News]

^ A country may achieve a temporarily high GDP by over-exploiting natural resources or by misallocating investment.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ Second, it is equal to the sum of the value added at every stage of production (the intermediate stages) by all the industries within a country, plus taxes less subsidies on products, in the period.
  • World Oil Consumption Per Capita - Google Earth Community 9 February 2010 14:20 UTC bbs.keyhole.com [Source type: General]

.Per-capita GDP is the measure compensated for population growth.^ If per capita GDP does not work, then what does?
  • GDP Per Capita: An Accurate Gauge or a Bum Steer? 9 February 2010 14:20 UTC economics.about.com [Source type: FILTERED WITH BAYES]

^ JORDAN PER CAPITA GDP $4,700 POPULATION GROWTH RATE +2.49% .
  • Eavesdropping in Bunkers: Rumors on White House Israel/Palestine Moves - The Washington Note 20 September 2009 18:50 UTC www.thewashingtonnote.com [Source type: General]

^ WEST BANK PER CAPITA GDP $1,100 POPULATION GROWTH RATE +3.06% .
  • Eavesdropping in Bunkers: Rumors on White House Israel/Palestine Moves - The Washington Note 20 September 2009 18:50 UTC www.thewashingtonnote.com [Source type: General]

Cross-border comparison

.The level of GDP in different countries may be compared by converting their value in national currency according to either the current currency exchange rate, or the purchase power parity exchange rate.^ GDP per capita - purchasing power parity .
  • GeographyIQ - World Atlas - Rankings - GDP per capita - purchasing power parity (All Descending) 9 February 2010 14:20 UTC www.geographyiq.com [Source type: FILTERED WITH BAYES]

^ The level of GDP in different countries may be compared by converting their value in national currency according to either .
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ GDP - purchasing power parity .
  • GeographyIQ - World Atlas - Rankings - GDP per capita - purchasing power parity (All Descending) 9 February 2010 14:20 UTC www.geographyiq.com [Source type: FILTERED WITH BAYES]

.The ranking of countries may differ significantly based on which method is used.^ For the parameters stored in grids (light and surface area) the GIS tool is used in order to extract the figures based on the country delimitation.
  • International Journal of Health Geographics | Full text | From wealth to health: modelling the distribution of income per capita at the sub-national level using night-time light imagery 9 February 2010 14:20 UTC www.ij-healthgeographics.com [Source type: Academic]

^ The level of GDP in different countries may be compared by converting their value in national currency according to either .
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

^ The relative ranking of countries may differ dramatically between the two approaches.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]
  • ECONEMISIS.COM: World Economy - Gross Domestic Product 11 January 2010 2:02 UTC econemisis.com [Source type: FILTERED WITH BAYES]

.
  • The current exchange rate method converts the value of goods and services using global currency exchange rates.^ GDP=the total dollar value of all goods and services produced over a specific time period in a nation...
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ That's all about currency exchange rate and inflation numbers.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ A better way to calculate GDP per capita is to use purchasing power paritythe actual cost of goods and services in each country.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    .The method can offer better indications of a country's international purchasing power and relative economic strength.^ This can offer better indications of a country's international purchasing power and relative economic strength.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ Bureau of Economic Analysis: Official United States GDP data Historicalstatistics.org: Links to historical statistics on GDP for different countries and regions Complete listing of countries by GDP: Current Exchange Rate Method Purchasing Power Parity Method Historical US GDP (1790 to 2005) Articles and books .
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ The Fraser Institute spearheaded a cooperative effort of international economic organizations to produce an index measuring the economic freedom of countries based upon a variety of factors.

    .For instance, if 10% of GDP is being spent on buying hi-tech foreign arms, the number of weapons purchased is entirely governed by current exchange rates, since arms are a traded product bought on the international market.^ Adams3 March 26th, 2007, 10:54 AM I think nominal GDP per capita numbers are pretty useless to compare different countries and in different times.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 x 110 / 100).
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    ^ Source of US economic statistics including national income and product accounts (NIPAs), gross domestic product (GDP) and related measures of national, regional, industry and international accounts.
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    .There is no meaningful 'local' price distinct from the international price for high technology goods.
  • The purchasing power parity method accounts for the relative effective domestic purchasing power of the average producer or consumer within an economy.^ The purchasing power parity method accounts for the relative effective domestic purchasing power of the average producer or consumer within an economy.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ Criticisms of how the GDP is used include: One main problem in estimating GDP growth over time is that the purchasing power of money varies in different proportion for different goods, so when the GDP figure is deflated over time, GDP growth can vary greatly depending on the basket of goods used and the relative proportions used to deflate the GDP figure.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ File:World map of countries by gross domestic product at purchasing power parity per capita in 2007 from the International Monetary Fund.png Retrieved from " http://commons.wikimedia.org/wiki/File:World_map_of_countries_by_gross_domestic_product_at_purchasing_power_parity_per_capita_in_2007_from_the_International_Monetary_Fund.svg " Categories : Gross domestic product .
    • File:World map of countries by gross domestic product at purchasing power parity per capita in 2007 from the International Monetary Fund.svg - Wikimedia Commons 3 February 2010 15:43 UTC commons.wikimedia.org [Source type: Reference]

    .The method can provide a better indicator of the living standards of less developed countries, because it compensates for the weakness of local currencies in the international markets.^ Current development of its international market 10 .
    • Reportlinker Adds China Transportation Equipment Manufacturing Industry, 2009 - WKOW 27: Madison, WI Breaking News, Weather and Sports 27 January 2010 23:58 UTC www.wkowtv.com [Source type: Academic]

    ^ This can be a better indicator of the living standards of less-developed countries because it compensates for the weakness of local currencies in world markets.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ GDP, and thus per capita GDP, are indicators of a country's total production and expenditure, and are therefore a way of measuring and comparing the degree of economic development of countries.
    • EUROPA - Press Releases - Regional GDP per capita in the EU25GDP per capita in 2002 ranged from 32% of the EU25 average in Lubelskie to315% in Inner London 9 February 2010 14:20 UTC europa.eu [Source type: Reference]

    For example, India ranks 12th by nominal GDP, but fourth by PPP. The PPP method of GDP conversion is more relevant to non-traded goods and services.
.There is a clear pattern of the purchasing power parity method decreasing the disparity in GDP between high and low income (GDP) countries, as compared to the current exchange rate method.^ Between 1980 and 1995 the average fertility rate in low-income countries and middle-income countries fell from 4.1 to 3.1, while in high-income countries it fell from 1.9 to 1.7.
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

^ There is a clear pattern of the purchasing power parity method decreasing the disparity in GDP between high and low income (GDP) countries, as compared to the current exchange rate method .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Low-income countries.
  • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

This finding is called the Penn effect.
.For more information, see Measures of national income and output.^ Source of US economic statistics including national income and product accounts (NIPAs), gross domestic product (GDP) and related measures of national, regional, industry and international accounts.
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

^ Kuznets also said that "the welfare of a nation can scarcely be inferred from a measure of national income."
  • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

Standard of living and GDP

.GDP per capita is not a measurement of the standard of living in an economy.^ GDP is often a measure of the state of the economy.
  • Gross Domestic Product | Economy & Economic Indicators > Output & Demand | Business solutions from AllBusiness.com 3 February 2010 15:43 UTC www.allbusiness.com [Source type: News]

^ Regional GDP per capita in the EU25 .
  • EUROPA - Press Releases - Regional GDP per capita in the EU25GDP per capita in 2002 ranged from 32% of the EU25 average in Lubelskie to315% in Inner London 9 February 2010 14:20 UTC europa.eu [Source type: Reference]

^ GDP per capita is often used as an indicator of standard of living in an economy .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

.However, it is often used as such an indicator, on the rationale that all citizens would benefit from their country's increased economic production.^ However, not all countries have benefited equally from these improvements.
  • World Economy Activity November 2001 20 September 2009 18:50 UTC geography.fullerton.edu [Source type: FILTERED WITH BAYES]

^ Real GDP or real GNP is often used as an indicator of the economic well-being of a country.

^ Definitions for: Gross Domestic Product (GDP) Dictionary of Accounting Terms Gross Domestic Product (GDP) an economic indicator that measures the value of all goods and services produced by the economy within its boundaries and is the nation's broadest gauge of economic health.
  • Gross Domestic Product | Economy & Economic Indicators > Output & Demand | Business solutions from AllBusiness.com 3 February 2010 15:43 UTC www.allbusiness.com [Source type: News]

.Similarly, GDP per capita is not a measure of personal income.^ GDP - per capita .
  • CIA - The World Factbook -- Rank Order - GDP - per capita 9 February 2010 14:20 UTC www.it.usyd.edu.au [Source type: News]

^ Today, Vietnam’s per capita GDP is estimated at $726 per person.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

^ Vietnam's GDP Per Capita is $720.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

.GDP may increase while incomes for the majority of a country's citizens may even decrease or change disproportionally.^ Real final sales of domestic product -- GDP less change in private inventories -- increased 2.5 percent in the third quarter, compared with an increase of 0.7 percent in the second.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

^ Disposable personal income decreased $20.4 billion (0.7 percent) in the third quarter, in contrast to an increase of $138.2 billion (5.2 percent) in the second.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
  • CHART OF THE DAY: Cash-For-Clunkers MASSIVELY Distorted GDP 11 January 2010 2:02 UTC www.businessinsider.com [Source type: FILTERED WITH BAYES]

^ The interpretation of the slope coefficient -0.01828 is that if disaster-related deaths increase by one person, the GDP per capita on average decreases by US$-0.01828, i.e.
  • Impact of disaster-related mortality on gross domestic product in the WHO African Region 3 February 2010 15:43 UTC www.ncbi.nlm.nih.gov [Source type: Academic]

.For example, in the US from 1990 to 2006 the earnings (adjusted for inflation) of individual workers, in private industry and services, increased by less than 0.5% per year while GDP (adjusted for inflation) increased about 3.6% per year over the same period.^ UK GDP per capita from Timetric - not adjusted for inflation.
  • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

^ What about he rural workers who earn even less than the average?
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

^ In the chart above it increases more than sixfold over the same period.
  • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

[21]
.The major advantage of GDP per capita as an indicator of standard of living is that it is measured frequently, widely and consistently.^ Regional GDP per capita in the EU25 .
  • EUROPA - Press Releases - Regional GDP per capita in the EU25GDP per capita in 2002 ranged from 32% of the EU25 average in Lubelskie to315% in Inner London 9 February 2010 14:20 UTC europa.eu [Source type: Reference]

^ GDP per capita is often used as an indicator of standard of living in an economy .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ If per capita GDP does not work, then what does?
  • GDP Per Capita: An Accurate Gauge or a Bum Steer? 9 February 2010 14:20 UTC economics.about.com [Source type: FILTERED WITH BAYES]

.It is measured frequently in that most countries provide information on GDP on a quarterly basis, which allows a user to spot trends regularly.^ USA. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries.
  • Gross Domestic Product (GDP) of the World 27 January 2010 23:58 UTC world.bymap.org [Source type: News]

^ The major advantages to using GDP per capita as an indicator of standard of living are that it is measured frequently, widely and consistently; frequently in that most countries provide information on GDP on a quarterly basis (which allows a user to spot trends more quickly), widely in that some measure of GDP is available for practically every country in the world (allowing crude comparisons between the standard of living in different countries), and consistently in that the technical definitions used within GDP are relatively consistent between countries, and so there can be confidence that the same thing is being measured in each country.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure.
  • Gross Domestic Product (GDP) of the World 27 January 2010 23:58 UTC world.bymap.org [Source type: News]

.It is measured widely in that some measure of GDP is available for almost every country in the world, allowing comparisons to be made between countries.^ Adds CrossBorder's Angela Cozzini: "Some of the African countries had much higher GDP per capita in the 1960s.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

^ You also clumsily avoided the fact that your twisted logic would measure Australia and Canada as the poorest countries in the world.

^ International comparisons of GDP per capita and per employed person 17 countries, 1960-2008 Division of International Labor Comparisons July 28, 2009 Tables 5 &6 .
  • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

.It is measured consistently in that the technical definition of GDP is relatively consistent among countries.^ The major advantages to using GDP per capita as an indicator of standard of living are that it is measured frequently, widely and consistently; frequently in that most countries provide information on GDP on a quarterly basis (which allows a user to spot trends more quickly), widely in that some measure of GDP is available for practically every country in the world (allowing crude comparisons between the standard of living in different countries), and consistently in that the technical definitions used within GDP are relatively consistent between countries, and so there can be confidence that the same thing is being measured in each country.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ GDP is intended to be a measure of particular types of economic activity within a country.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to the information required (especially information on expenditure and production by governments).
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

.The major disadvantage is that it is not, strictly speaking, a measure of standard of living.^ The major disadvantage of using GDP as an indicator of standard of living is that it is not, strictly speaking, a measure of standard of living.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Summarize what you perceive is that nation’s “standard of living,” according to its per capita GDP and other measures of social welfare.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, February 27, 2009 11 January 2010 2:02 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

^ Besides measuring the pulse of a country, it is the figure used to compare living standards in different countries.

.GDP is intended to be a measure of particular types of economic activity within a particular country.^ GDP is intended to be a measure of particular types of economic activity within a country.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Gross domestic product, a measure of economic activity in a country.
  • Economics A-Z | Economist.com 11 January 2010 2:02 UTC www.economist.com [Source type: FILTERED WITH BAYES]

^ GDP is the total unduplicated output of economic goods and services produced within a country as measured in monetary terms according to the United Nations System of National Accounts (SNA).
  • United Nations Statistics Division - Demographic and Social Statistics 9 February 2010 14:20 UTC unstats.un.org [Source type: Reference]

.Nothing about the definition of GDP suggests it is necessarily a measure of standard of living.^ GDP and standard of living .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Nothing about the definition of GDP suggests that it is necessarily a measure of standard of living.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ The argument in favour of using GDP is not that it is a good indicator of standard of living, but rather that (all other things being equal) standard of living tends to increase when GDP per capita increases.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

.For instance, in an extreme example, a country which exported 100 per cent of its production and imported nothing would still have a high GDP, but a very poor standard of living.^ A country may have a very high GDP, but the degradation of its environment may also be high, and therefore, the standard of living and the quality of life would be low.
  • Chapter 5. The 3 Major Macroeconomic Variables: GDP, Unemployment, and Inflation 9 February 2010 14:20 UTC cepfe.nmsu.edu [Source type: FILTERED WITH BAYES]

^ For instance, in an extreme example, a country which exported 100 per cent of its production and imported nothing would still have a high GDP, but a very poor standard of living.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ GDP and standard of living .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

.The argument in favor of using GDP is not that it is a good indicator of the standard of living, but that, all other things being equal, the standard of living tends to increase when GDP per capita increases.^ The argument in favour of using GDP is not that it is a good indicator of standard of living, but rather that (all other things being equal) standard of living tends to increase when GDP per capita increases.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ GDP per capita is often used as an indicator of standard of living in an economy .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ For other uses, see GDP (disambiguation) .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

.As such, GDP can be a proxy for the standard of living, rather than a direct measure.^ (NX = Exports - Imports) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

^ I am talking about living standards, I am talking about the despair of more than 3/4 of the population who are destitute.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

.The sometimes use of GDP per capita as a proxy of labor productivity is also problemmatic.^ GDP per capita can also be seen as a proxy of labor productivity .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Vietnam's GDP Per Capita is $720.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

^ GDP per capita is NOT everything!!
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

Limitations of GDP to judge the health of an economy

.GDP is widely used by economists to gauge the health of an economy, as its variations are relatively quickly identified.^ GDP is widely used by economists to follow how the economy is moving, as its variations are relatively quickly identified.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Criticisms of how the GDP is used include: One main problem in estimating GDP growth over time is that the purchasing power of money varies in different proportion for different goods, so when the GDP figure is deflated over time, GDP growth can vary greatly depending on the basket of goods used and the relative proportions used to deflate the GDP figure.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ AM PDT Joseph Stiglitz argues that GDP isn't really a very good measure of the health of an economy.
  • GDP vs. RMI | Mother Jones 11 January 2010 2:02 UTC motherjones.com [Source type: General]

.However, its value as an indicator for the standard of living is considered to be limited.^ However, its value as an indicator for the standard of living is considered to be limited.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ The argument in favour of using GDP is not that it is a good indicator of standard of living, but rather that (all other things being equal) standard of living tends to increase when GDP per capita increases.
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ (NX = Exports - Imports) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living.
  • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

.Not only that, but if the aim of economic activity is to produce ecologically sustainable increases in the overall human standard of living, GDP is a perverse measurement; it treats loss of ecosystem services as a benefit instead of a cost.^ GDP and standard of living .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ GDP does not measure the sustainability of growth .
  • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ Real GDP measures market activity.

Other criticisms of how the GDP is used include:
.
  • Wealth distribution – GDP does not take disparity in incomes between the rich and poor into account.^ GDP does not take disparity in incomes between the rich and poor into account.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ GDP takes into account all the production inside a country, independent of who, domestic or foreign, owns the production site.
    • Chapter 5. The 3 Major Macroeconomic Variables: GDP, Unemployment, and Inflation 9 February 2010 14:20 UTC cepfe.nmsu.edu [Source type: FILTERED WITH BAYES]

    ^ In Mr. Rolón's diagnosis, Argentina suffers symptoms of bipolar disorder, evidenced in the gap between rich and poor.
    • Its GDP Is Depressed, but Argentina Leads World in Shrinks Per Capita - WSJ.com 9 February 2010 14:20 UTC online.wsj.com [Source type: News]

    .However, numerous Nobel-prize winning economists have disputed the importance of income inequality as a factor in improving long-term economic growth.^ Economic growth, however was interesting.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ He recently organized a commission led by Nobel Prize economists Joseph Stiglitz and Amartya Sen.
    • Worldchanging: Bright Green: The 5th International Gross National Happiness Conference 3 February 2010 15:43 UTC www.worldchanging.com [Source type: FILTERED WITH BAYES]

    ^ Low-income countries where, according to the United Nations, economic growth faces long-term impediments- such as structural weaknesses and low human resources development.
    • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

    .In fact, short term increases in income inequality may even lead to long term decreases in income inequality.^ For instance, competition between two firms can be analysed as a game in which firms play to achieve a long-term competitive advantage (perhaps even a monopoly ).
    • Economics A-Z | Economist.com 11 January 2010 2:02 UTC www.economist.com [Source type: FILTERED WITH BAYES]

    ^ Disposable personal income decreased $20.4 billion (0.7 percent) in the third quarter, in contrast to an increase of $138.2 billion (5.2 percent) in the second.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]
    • CHART OF THE DAY: Cash-For-Clunkers MASSIVELY Distorted GDP 11 January 2010 2:02 UTC www.businessinsider.com [Source type: FILTERED WITH BAYES]

    ^ Current-dollar personal income decreased $15.5 billion (0.5 percent) in the third quarter, in contrast to an increase of $19.1 billion (0.6 percent) in the second.
    • CHART OF THE DAY: Cash-For-Clunkers MASSIVELY Distorted GDP 11 January 2010 2:02 UTC www.businessinsider.com [Source type: FILTERED WITH BAYES]

    .See income inequality metrics for discussion of a variety of inequality-based economic measures.
  • Non-market transactions – GDP excludes activities that are not provided through the market, such as household production and volunteer or unpaid services.^ See income inequality metrics for discussion of a variety of complementary economic measures.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ Measurement of GDP is base on these constraints: .
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

    ^ GDP calculation is based on market prices.
    • Chapter 5. The 3 Major Macroeconomic Variables: GDP, Unemployment, and Inflation 9 February 2010 14:20 UTC cepfe.nmsu.edu [Source type: FILTERED WITH BAYES]

    As a result, GDP is understated. .Unpaid work conducted on Free and Open Source Software (such as Linux) contribute nothing to GDP, but it was estimated that it would have cost more than a billion US dollars for a commercial company to develop.^ PPP is nothing more than an estimate, so...
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ I would argue that GPI, which while based on GDP, strips out defensive spending and includes unpaid work is surely a better indicator than GDP. As is the happly planet index, apply life years etc....
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ Again, infrastructure of Saigon and its industrial neighbor provinces are much more developed than that of Hanoi and its industrial neighbor provinces.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    .Also, if Free and Open Source Software became identical to its proprietary software counterparts, and the nation producing the propriety software stops buying proprietary software and switches to Free and Open Source Software, then the GDP of this nation would reduce, however there would be no reduction in economic production or standard of living.^ Comparisons of national wealth are also frequently made on the basis of nominal GDP, which does not reflect differences in the cost of living in different countries ( See List of countries by GDP (nominal) per capita ).
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ If there is no evidence that would convince you of this then you're not holding a scientific opinion but a religious one.

    ^ Why would brains differ if there were no mental differences?

    .The work of New Zealand economist Marilyn Waring has highlighted that if a concerted attempt to factor in unpaid work were made, then it would in part undo the injustices of unpaid (and in some cases, slave) labour, and also provide the political transparency and accountability necessary for democracy.^ If you ask me, I would say let’s leave the politics and work even harder to be more successful.
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ If you ask me , I would say let’s leave the politics and work even harder to be more successful.
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    .Shedding some doubt on this claim, however, is the theory that won economist Douglass North the Nobel Prize in 1993. North argued that the creation and strengthening of the patent system, by encouraging private invention and enterprise, became the fundamental catalyst behind the Industrial Revolution in England.
  • Underground economy – Official GDP estimates may not take into account the underground economy, in which transactions contributing to production, such as illegal trade and tax-avoiding activities, are unreported, causing GDP to be underestimated.
  • Non-monetary economy – GDP omits economies where no money comes into play at all, resulting in inaccurate or abnormally low GDP figures.^ Republicans said that the 1993 tax hike would sink the economy.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ Eastern Europe is something else-industrialized countries that have plunged into depressions as they switch to market economies.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ GDP figures are expected to show that the UK economy has returned to growth, even as worse unemployment statistics arrive.
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    .For example, in countries with major business transactions occurring informally, portions of local economy are not easily registered.^ For example, in countries with major business transactions occurring informally, portions of local economy are not easily registered.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ As such the major purchasers of goods and services are: households, businesses who buy capital goods and equipment, government, and the world economy.
    • Chapter 5. The 3 Major Macroeconomic Variables: GDP, Unemployment, and Inflation 9 February 2010 14:20 UTC cepfe.nmsu.edu [Source type: FILTERED WITH BAYES]

    .Bartering may be more prominent than the use of money, even extending to services (I helped you build your house ten years ago, so now you help me).
  • GDP also ignores subsistence production.
  • Quality of goods – People may buy cheap, low-durability goods over and over again, or they may buy high-durability goods less often.^ Ten years ago, it wasn’t even on the radar screen.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ This article includes three lists of countries of the world sorted by their gross domestic product (GDP) at purchasing power parity (PPP) per capita , the value of all final goods and services produced within a nation in a given year divided by the average (or mid-year) population for the same year.
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ The British Pound extended the overnight decline and slipped to a low of 1.6121 as the advanced 4Q GDP reading crossed the wires weaker-than-expected, and the currency may face increased selling pressures going into the U.S. trade as investors scale ..
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    .It is possible that the monetary value of the items sold in the first case is higher than that in the second case, in which case a higher GDP is simply the result of greater inefficiency and waste.
  • Quality improvements and inclusion of new products – By not adjusting for quality improvements and new products, GDP understates true economic growth.^ It is possible that the monetary value of the items sold in the first case is higher than that in the second case, in which case a higher GDP is simply the result of greater inefficiency and waste.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ The more inflation is understated, the higher the inflation-adjusted rate of GDP growth that gets reported."
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ Product results for: gdp .
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    .For instance, although computers today are less expensive and more powerful than computers from the past, GDP treats them as the same products by only accounting for the monetary value.^ It is possible that the monetary value of the items sold in the first case is higher than that in the second case, in which case a higher GDP is simply the result of greater inefficiency and waste.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ This article includes three lists of countries of the world sorted by their gross domestic product (GDP) at purchasing power parity (PPP) per capita , the value of all final goods and services produced within a nation in a given year divided by the average (or mid-year) population for the same year.
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ GDP: The sum of value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation output.
    • Globalis - an interactive world map - Ireland - GDP per capita 9 February 2010 14:20 UTC globalis.gvu.unu.edu [Source type: Academic]

    .The introduction of new products is also difficult to measure accurately and is not reflected in GDP despite the fact that it may increase the standard of living.^ In fact, it reflected remarkably accurate results.

    ^ "GDP is a measure of current production, not sales.
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

    ^ Comparisons of national wealth are also frequently made on the basis of nominal GDP, which does not reflect differences in the cost of living in different countries ( See List of countries by GDP (nominal) per capita ).
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    .For example, even the richest person from 1900 could not purchase standard products, such as antibiotics and cell phones, that an average consumer can buy today, since such modern conveniences did not exist back then.
  • What is being produced – GDP counts work that produces no net change or that results from repairing harm.^ GDP counts work that produces no net change or that results from repairing harm.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ So, even though what is produced hasn't changed at all, real GDP has!
    • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

    ^ For example, "person X could buy country Y, because his/her wealth is more than the GDP of that country".
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    .For example, rebuilding after a natural disaster or war may produce a considerable amount of economic activity and thus boost GDP. The economic value of health care is another classic example—it may raise GDP if many people are sick and they are receiving expensive treatment, but it is not a desirable situation.^ GDP=the total dollar value of all goods and services produced over a specific time period in a nation...
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ (NX = Exports - Imports) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living.
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ Just compare, for example the apparent % of GDP spent on health in the US, France and the UK. .
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    .Alternative economic estimates, such as the standard of living or discretionary income per capita try to measure the human utility of economic activity.^ Comparisons of national wealth are also frequently made on the basis of nominal GDP, which does not reflect differences in the cost of living in different countries ( See List of countries by GDP (nominal) per capita ).
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ This is related to Vietnam because as Vietnam gets over at least $1000 for GDP Per Capita by 2010, I believe strongly the lives of Vietnamese people in Vietnam will experience a significant increase of happiness due to increased living standards.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ June 9th, 2006, 02:57 PM y dont u guys try calc the GDP per capita (PPP)?
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    .See uneconomic growth.
  • Externalities – GDP ignores externalities or economic bads such as damage to the environment.^ GDP. In fact the demented focus on GDP growth limits the possibility of improving some of these determinants of well-being (in particular a good environment).
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ To see the GDP growth up from around $6-billion during the DERG era and in less than 20-yrs, up to $33-billion says it all.
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ Economic growth (GDP) · Economics · Quantitative easing · Financial crisis Politics .
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    .By counting goods which increase utility but not deducting bads or accounting for the negative effects of higher production, such as more pollution, GDP is overstating economic welfare.^ Having able bodied people not working means we don’t achieve as high economic growth as we could, and it is bad fiscally as it means less tax paid, and higher welfare payments.

    ^ GDP is the total unduplicated output of economic goods and services produced within a country as measured in monetary terms according to the United Nations System of National Accounts (SNA).
    • United Nations Statistics Division - Demographic and Social Statistics 9 February 2010 14:20 UTC unstats.un.org [Source type: Reference]

    ^ In the measurement of GDP, final products are those that are consumed and not used in a later stage of production, those that are sold to foreign residents, those that are durable goods and structures used to produce other goods and last more than a year, and those that may be inventoried for future consumption."
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

    .The Genuine Progress Indicator is thus proposed by ecological economists and green economists as a substitute for GDP, supposing a consensus on relevant data to measure "progress". In countries highly dependent on resource extraction or with high ecological footprints the disparities between GDP and GPI can be very large, indicating ecological overshoot.^ Note: Per capita values were obtained by dividing the PPP GDP data by the population data for 182 countries .
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    ^ The imporance of ports should be measured using the difference in GDP within countries.

    .Some environmental costs, such as cleaning up oil spills are included in GDP.
  • Sustainability of growth – GDP is not a tool of economic projections, which would make it subjective, it is just a measurement of economic activity.^ China has just registered 8.7% GDP growth.
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    ^ The idea is that when an economy's GDP per capita passes $1,000, increased income begins to change patterns of demand and push economic activity into a new, high-growth phase.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ Source of US economic statistics including national income and product accounts (NIPAs), gross domestic product (GDP) and related measures of national, regional, industry and international accounts.
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    That is why it does not measure what is considered the sustainability of growth. .A country may achieve a temporarily high GDP by over-exploiting natural resources or by misallocating investment.^ A country may achieve a temporarily high GDP by over-exploiting natural resources or by misallocating investment.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ In general, living in a country with high IQ and low GDP may be the best when it comes to quality of life.
    • Half Sigma: GDP per capita, or total GDP? 9 February 2010 14:20 UTC www.halfsigma.com [Source type: Original source]

    ^ That is, wealthy countries exploit more resources than poor countries do [as the comment above says.
    • Environmental Economics: CO2 per GDP 1 February 2010 7:57 UTC www.env-econ.net [Source type: General]

    .For example, the large deposits of phosphates gave the people of Nauru one of the highest per capita incomes on earth, but since 1989 their standard of living has declined sharply as the supply has run out.^ Comparisons of national wealth are also frequently made on the basis of nominal GDP, which does not reflect differences in the cost of living in different countries ( See List of countries by GDP (nominal) per capita ).
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ This is related to Vietnam because as Vietnam gets over at least $1000 for GDP Per Capita by 2010, I believe strongly the lives of Vietnamese people in Vietnam will experience a significant increase of happiness due to increased living standards.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ But much of the country remains poor,with per capita income of $638 in 2005 and the fruits of growth concentrated to a large extent in the south.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    .Oil-rich states can sustain high GDPs without industrializing, but this high level would no longer be sustainable if the oil runs out.^ High rates of taxation started to discourage people and companies from undertaking economic activities that would, without the tax, have been profitable; wealth creation suffered.
    • Economics A-Z | Economist.com 11 January 2010 2:02 UTC www.economist.com [Source type: FILTERED WITH BAYES]

    ^ Several countries with transition economies are sometimes grouped with developing countries based on their low or middle levels of per capita income, and sometimes with developed countries based on their high industrialization.
    • DEPweb: Beyond Economic Growth, Glossary 3 February 2010 15:43 UTC www.worldbank.org [Source type: FILTERED WITH BAYES]

    ^ There would have been no balanced budget, had the Bush 43 level tax cuts been in place.
    • Obama’s Budget: $1.75 trillion Deficit- 12% of Gross Domestic Product 3 February 2010 15:43 UTC www.floppingaces.net [Source type: General]

    .Economies experiencing an economic bubble, such as a housing bubble or stock bubble, or a low private-saving rate tend to appear to grow faster owing to higher consumption, mortgaging their futures for present growth.^ The economy tends to return to its long term growth rate.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ A Bubble Grows In China Gary Shilling suspects China's economic stimulus will have disappointing results.
    • Forbes.com Video Network | Markets: GDP Crunch 1 February 2010 7:57 UTC video.forbes.com [Source type: General]

    ^ This in turn likely influences the relative performance of the economy under each party with the economy tending to grow faster after recessions.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    .Economic growth at the expense of environmental degradation can end up costing dearly to clean up.
  • One main problem in estimating GDP growth over time is that the purchasing power of money varies in different proportion for different goods, so when the GDP figure is deflated over time, GDP growth can vary greatly depending on the basket of goods used and the relative proportions used to deflate the GDP figure.^ This morning's preliminary GDP estimates showed only minimal growth of 0.1% in Q4 2009 compared to expectations of 0.3-0.4% growth.
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    ^ Wouldn't it be more useful to look at GDP/Income changes over time and also in terms of both availability of and ability to use natural resources?

    ^ Date: Tue, 26 Jan 2010 11:38:00 GMT PwC: Surprisingly weak GDP growth estimates leave open the questi..
    • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

    .For example, in the past 80 years the GDP per capita of the United States if measured by purchasing power of potatoes, did not grow significantly.^ Vietnam's GDP Per Capita is $720.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ Gross domestic product (GDP) per capita> By purchasing power parity (PPP) .
    • Economic & Social Data Rankings/ Suzuki Labo, School of Global Japanese Studies, Meiji University 2-Dimension Cross Ranking Gross Domestic Product (GDP) by sector> Construction sector (2005) X 3 February 2010 15:43 UTC www.kisc.meiji.ac.jp [Source type: FILTERED WITH BAYES]
    • Economic & Social Data Rankings/ Suzuki Labo, School of Global Japanese Studies, Meiji University 2-Dimension Cross Ranking Gross domestic product (GDP) per capita> By purchasing power parity (PPP) (2008 (estimate)) X 9 February 2010 14:20 UTC www.kisc.meiji.ac.jp [Source type: FILTERED WITH BAYES]

    ^ GDP per capita is NOT everything!!
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    .But if it is measured by the purchasing power of eggs, it grew several times.^ General price level An index that measures the change in price of goods in an economy over time and hence the purchasing power of the currency of the country.
    • G Definitions: Campbell R. Harvey's Hypertextual Finance Glossary 11 January 2010 2:02 UTC www.duke.edu [Source type: FILTERED WITH BAYES]

    .For this reason, economists comparing multiple countries usually use a varied basket of goods.
  • Cross-border comparisons of GDP can be inaccurate as they do not take into account local differences in the quality of goods, even when adjusted for purchasing power parity.^ Using purchasing power parity, it's a robust $1,950.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ This article includes three lists of countries of the world sorted by their gross domestic product (GDP) at purchasing power parity (PPP) per capita , the value of all final goods and services produced within a nation in a given year divided by the average (or mid-year) population for the same year.
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ Comparisons of national wealth are also frequently made on the basis of nominal GDP, which does not reflect differences in the cost of living in different countries ( See List of countries by GDP (nominal) per capita ).
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    .This type of adjustment to an exchange rate is controversial because of the difficulties of finding comparable baskets of goods to compare purchasing power across countries.^ By current exchange rate , By purchasing power parity (PPP) .
    • Economic & Social Data Rankings/ Suzuki Labo, School of Global Japanese Studies, Meiji University Gross domestic product (GDP) per capita> By purchasing power parity (PPP) - Major advanced countries ranking 3 February 2010 15:43 UTC www.kisc.meiji.ac.jp [Source type: FILTERED WITH BAYES]

    ^ This type of adjustment to an exchange rate is controversial because of the difficulties of finding comparable baskets of goods to compare purchasing power across countries.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ For international comparison, currency exchange rates applied to national accounts aggregates provide an important but highly approximate measure of national economic output and may differ substantially from comparisons based on actual purchasing power.
    • United Nations Statistics Division - Demographic and Social Statistics 9 February 2010 14:20 UTC unstats.un.org [Source type: Reference]

    .For instance, people in country A may consume the same number of locally produced apples as in country B, but apples in country A are of a more tasty variety.^ For instance, people in country A may consume the same number of locally produced apples as in country B, but apples in country A are of a more tasty variety.
    • What is Gross Domestic Product? 3 February 2010 15:43 UTC ipedia.net [Source type: FILTERED WITH BAYES]

    ^ It may be that the same number of goods were produced, but at higher prices.
    • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, February 27, 2009 11 January 2010 2:02 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

    ^ GDP by the total number of people in the country.
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    .This difference in material well being will not show up in GDP statistics.^ GDP is an imperfect proxy for well-being.
    • GDP Growing Again: Are We Finally Okay? - Megan McArdle 1 February 2010 7:57 UTC meganmcardle.theatlantic.com [Source type: FILTERED WITH BAYES]

    ^ GDP is an awful indicator of well-being.
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ M.G. in Progress October 30, 2009 1:07 AM I agree and GDP numbers lie or do not tell entirely the truth about well being.
    • GDP Growing Again: Are We Finally Okay? - Megan McArdle 1 February 2010 7:57 UTC meganmcardle.theatlantic.com [Source type: FILTERED WITH BAYES]

    .This is especially true for goods that are not traded globally, such as housing.
  • Transfer pricing on cross-border trades between associated companies may distort import and export measures[citation needed].
  • As a measure of actual sale prices, GDP does not capture the economic surplus between the price paid and subjective value received, and can therefore underestimate aggregate utility.
  • Austrian economist critique – Criticisms of GDP figures were expressed by Austrian economist Frank Shostak.^ (NX = Exports - Imports) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living.
    • Ethiopia surpasses Kenya to become East Africa's Biggest Economy 9 February 2010 14:20 UTC nazret.com [Source type: General]

    ^ No one desires to import/export goods there strongly enough to build a good port.

    ^ Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2005 -- equal to 100.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    [22] Among other criticisms, he stated the following:
    .The GDP framework cannot tell us whether final goods and services that were produced during a particular period of time are a reflection of real wealth expansion, or a reflection of capital consumption.^ This article includes three lists of countries of the world sorted by their gross domestic product (GDP) at purchasing power parity (PPP) per capita , the value of all final goods and services produced within a nation in a given year divided by the average (or mid-year) population for the same year.
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ Comparisons of national wealth are also frequently made on the basis of nominal GDP, which does not reflect differences in the cost of living in different countries ( See List of countries by GDP (nominal) per capita ).
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    ^ All you can say is that during the times since Hoover the GDP has grown more during periods when Democrats have been President than Republicans.  You can also say South African life expectancy correlates with US Defense Deptartment .  Both are meaningless - no link to a causation is ever mentioned.
    • Comparing Presidents, Real GDP per capita...All the Lags | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: FILTERED WITH BAYES]

    He goes on:
    .For instance, if a government embarks on the building of a pyramid, which adds absolutely nothing to the well-being of individuals, the GDP framework will regard this as economic growth.^ PM 136 comments by cactus Comparing Presidents – Real GDP per Capita, late 2009 edition Every so often I find I have to rewrite a post about how well Presidents have done at producing economic growth.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ One of the most important tasks of the Government in 2007 is to improve its management capability to make it possible for the country to gain a higher and more effective economic growth.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    In reality, however, the building of the pyramid will divert real funding from wealth-generating activities, thereby stifling the production of wealth.
    Austrian economists are critical of the basic idea of attempting to quantify national output. Shostak quotes Austrian economist Ludwig von Mises:
    The attempt to determine in money the wealth of a nation or the whole mankind are as childish as the mystic efforts to solve the riddles of the universe by worrying about the dimension of the pyramid of Cheops.
Simon Kuznets in his very first report to the US Congress in 1934 said:[23]
...the welfare of a nation [can] scarcely be inferred from a measure of national income...
In 1962, Kuznets stated:[24]
.Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run.^ The economy tends to return to its long term growth rate.
  • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

.Goals for more growth should specify more growth of what and for what.^ If we now have 7.7% in Q1 then I think we should expect +9% growth this year as the benefits of WTO become more and more apparent at the later stages of the year.
  • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

Alternatives to GDP

.
  • Human development index (HDI) - HDI uses GDP as a part of its calculation and then factors in indicators of life expectancy and education levels.
  • Genuine progress indicator (GPI) or Index of Sustainable Economic Welfare (ISEW) - The GPI and the ISEW attempt to address many of the above criticisms by taking the same raw information supplied for GDP and then adjust for income distribution, add for the value of household and volunteer work, and subtract for crime and pollution.
  • Gini coefficient - The Gini coefficient measures the disparity of income within a nation.
  • Wealth estimates - The World Bank has developed a system for combining monetary wealth with intangible wealth (institutions and human capital) and environmental capital.^ Imports, which are a subtraction in the calculation of GDP, increased.
    • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

    ^ Kuznets also said that "the welfare of a nation can scarcely be inferred from a measure of national income."
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ I would argue that GPI, which while based on GDP, strips out defensive spending and includes unpaid work is surely a better indicator than GDP. As is the happly planet index, apply life years etc....
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    [25]
  • .
  • Private Product Remaining - Murray Newton Rothbard and other Austrian economists argue that because government spending is taken from productive sectors and produces goods that consumers do not want, it is a burden on the economy and thus should be deducted.^ Above $1,000, the report argues, they begin to buy basic packed and branded goods, and by $5,000 they are buying predominately branded products.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    ^ For example, not only was virtually everything other than carbohydrates rationed during WWII, but there were price controls on consumer goods -- not that there were any available during the war.
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    ^ Could it be that the outperformance of the economy under Democratic stewardship is a product of Democrats being more likely to be elected when growth is slow, and thus likely to be relatively faster during their term?
    • Comparing Presidents – Real GDP per Capita, late 2009 edition | Angry Bear 9 February 2010 14:20 UTC angrybear.blogspot.com [Source type: Original source]

    In his book, America's Great Depression, Rothbard argues that even government surpluses from taxation should be deducted to create an estimate of PPR.
Some people have looked beyond standard of living at a broader sense of quality of life or well-being:
.
  • European Quality of Life Survey - The survey, first published in 2005, assessed quality of life across European countries through a series of questions on overall subjective life satisfaction, satisfaction with different aspects of life, and sets of questions used to calculate deficits of time, loving, being and having.^ Hmm I'm not sure about that, this would suggest that subjective well-being is dependant on the market price of all final goods and services produced within a country in a given period of time (GDP).
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ In the UK Mr Layard I believe set the ball rolling some time ago and HMG have started to use his work.
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ A better way to calculate GDP per capita is to use purchasing power paritythe actual cost of goods and services in each country.
    • Vietnam's GDP Per Capita in terms of Developing Countries [Archive] - SkyscraperCity 9 February 2010 14:20 UTC www.skyscrapercity.com [Source type: FILTERED WITH BAYES]

    [26]
  • .
  • Gross national happiness - The Centre for Bhutanese Studies in Bhutan is working on a complex set of subjective and objective indicators to measure 'national happiness' in various domains (living standards, health, education, eco-system diversity and resilience, cultural vitality and diversity, time use and balance, good governance, community vitality and psychological well-being).^ GDP is an awful indicator of well-being.
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ GDP per hour worked * is a sort of composite indicator of individual income against time spent to acquire it, a window in to the work:life balance perhaps; but it still gives no indication of how incomes relate to cost of living expenditure.
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ Hmm I'm not sure about that, this would suggest that subjective well-being is dependant on the market price of all final goods and services produced within a country in a given period of time (GDP).
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    .This set of indicators would be used to assess progress towards gross national happiness, which they have already identified as being the nation's priority, above GDP.
  • Happy Planet Index - The happy planet index (HPI) is an index of human well-being and environmental impact, introduced by the New Economics Foundation (NEF) in 2006. It measures the environmental efficiency with which human well-being is achieved within a given country or group.^ GDP is an awful indicator of well-being.
    • UK GDP since 1948 | News | guardian.co.uk 9 February 2010 14:20 UTC www.guardian.co.uk [Source type: News]

    ^ The imporance of ports should be measured using the difference in GDP within countries.

    ^ Comparisons of national wealth are also frequently made on the basis of nominal GDP, which does not reflect differences in the cost of living in different countries ( See List of countries by GDP (nominal) per capita ).
    • List of countries by GDP (PPP) per capita Information & List of countries by GDP (PPP) per capita Links at HealthHaven.com 9 February 2010 14:20 UTC wiki.healthhaven.com [Source type: FILTERED WITH BAYES]

    Human well-being is defined in terms of subjective life satisfaction and life expectancy while environmental impact is defined by the Ecological Footprint.

Lists of countries by their GDP

See also

Bibliography

.Australian Bureau for Statistics, Australian National Accounts: Concepts, Sources and Mathods, 2000. Retrieved November 2009. In depth explanations of how GDP and other national accounts items are determined.^ PQ365 » Chinas GDP grows 8.7% in 2009 The gross domestic product (GDP) reached 33.54 trillion yuan (4.91 trillion U.S. dollars) in 2009, Ma Jiantang, director of the National Bureau of Statistics (NBS), told a press conference Thursday.
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

^ Source of US economic statistics including national income and product accounts (NIPAs), gross domestic product (GDP) and related measures of national, regional, industry and international accounts.
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

^ China 2009 Q4 GDP rises 10.7% China's economy rose 10.7 percent year on year in the fourth quarter last year, and 8.7 percent year on year for the whole year, the National Bureau of Statistics (NBS) said Thursday.
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

.United States Department of Commerce, Bureau of Economic Analysis, Concepts and Methods of the United States National Income and Product AccountsPDF.^ For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/NipaFrb.asp.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

^ Official Bureau of Economic Analysis website.
  • Gdp - surchur 1 February 2010 7:57 UTC surchur.com [Source type: General]

^ Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.5 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the "advance" estimate released by the Bureau of Economic Analysis.
  • Bea News Release; Gross Domestic Product Third Quarter 2009 (Advance Estimate) 3 February 2010 15:43 UTC www.scribd.com [Source type: FILTERED WITH BAYES]

.Retrieved November 2009. In depth explanations of how GDP and other national accounts items are determined.^ How is a nation's real per capita GDP determined?
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, January 30, 2009 9 February 2010 14:20 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

^ GDP is the best known of the National Income and Product Accounts .
  • Estimating GDP 11 January 2010 2:02 UTC www.westga.edu [Source type: FILTERED WITH BAYES]

^ Summarize what you perceive is that nation’s “standard of living,” according to its per capita GDP and other measures of social welfare.
  • EconEdLink | Focus on Economic Data: U.S. Real GDP Growth, February 27, 2009 11 January 2010 2:02 UTC www.econedlink.org [Source type: FILTERED WITH BAYES]

References

  1. ^ Sullivan, Arthur; Steven M. Sheffrin (1996). Economics: Principles in action. Upper Saddle River, New Jersey 074589: Pearson Prentice Hall. pp. 57, 305. ISBN 0-13-063085-3. 
  2. ^ French President seeks alternatives to GDP, The Guardian 14-09-2009.
    European Parliament, Policy Department Economic and Scientific Policy: Beyond GDP StudyPDF (1.47 MB)
  3. ^ World Bank, Statistical Manual >> National Accounts >> GDP – final output, retrieved October 2009.
    "User's guide: Background information on GDP and GDP deflator". HM Treasury. http://www.hm-treasury.gov.uk/data_gdp_backgd.htm. 
    "Measuring the Economy: A Primer on GDP and the National Income and Product Accounts" (PDF). Bureau of Economic Analysis. http://www.bea.gov/national/pdf/nipa_primer.pdf. 
  4. ^ This calculation can be seen in United Kingdom, Annual Abstract of StatisticsPDF (2.70 MB), 2008, p 254, Table 16.2 "gross domestic product and national income, current prices," near the top of the table. The United States appears to already include taxes minus subsidies in GVA, and thus equate it directly to GDP (BEA, Concepts and Methods of the National Income and Product Accounts of the United States, section 2-9).
  5. ^ Thayer Watkins, San José State University Department of Economics, "Gross Domestic Product from the Transactions Table for an Economy", commentary to first table, " Transactions Table for an Economy". (Page retrieved November 2009.)
  6. ^ Concepts and Methods of the United States National Income and Product Accounts, chap. 2.
  7. ^ United States Bureau of Economic Analysis, A guide to the National Income and Product Accounts of the United StatesPDF, page 5; retrieved November 2009. Another term, "business current transfer payments," may be added. Also, the document indicates that Capital Consumption Adjustment (CCAdj) and Inventory Valuation Adjustment (IVA) are applied to the proprieter's income and corporate profits terms; and CCAdj is applied to rental income.
  8. ^ BEA, Concepts and Methods of the United States National Income and Product Accounts, p 12.
  9. ^ Australian National Accounts: Concepts, Sources and Methods, 2000, sections 3.5 and 4.15.
  10. ^ This and the following statement on entitlement to compensation are from Australian National Accounts: Concepts, Sources and Methods, 2000, section 4.6.
  11. ^ Concepts and Methods of the United States National Income and Product Accounts, page 2-2.
  12. ^ Concepts and Methods of the United States National Income and Product Accounts, page 2-2.
  13. ^ Australian National Accounts: Concepts, Sources and Methods, 2000, section 4.4.
  14. ^ Concepts and Methods of the United States National Income and Product Accounts, page 2-2; and Australian National Accounts: Concepts, Sources and Methods, 2000, section 4.4.
  15. ^ Concepts and Methods of the United States National Income and Product Accounts, page 2-4.
  16. ^ Concepts and Methods of the United States National Income and Product Accounts, page 2-4.
  17. ^ Concepts and Methods of the United States National Income and Product Accounts, page 2-5.
  18. ^ United States, Bureau of Economic Analysis, Glossary, "GDP". Retrieved November 2009.
  19. ^ U.S. Department of Commerce. Bureau of Economic Analysis
  20. ^ HM Treasury, Background information on GDP and GDP deflator
    Some of the complications involved in comparing national accounts from different years are suggested in this World Bank document.
  21. ^ Statistical Abstract of the United States 2008. Tables 623 and 647
  22. ^ What is up with the GDP? - Frank Shostak - Mises Institute
  23. ^ Simon Kuznets, 1934. "National Income, 1929-1932". 73rd US Congress, 2d session, Senate document no. 124, page 7. http://library.bea.gov/u?/SOD,888
  24. ^ Simon Kuznets. "How To Judge Quality". The New Republic, October 20, 1962
  25. ^ "World Bank wealth estimates". http://go.worldbank.org/KB1R94JYF0. 
  26. ^ "First European Quality of Life Survey". http://www.eurofound.europa.eu/publications/htmlfiles/ef0591.htm. 

External links

Global

Data

Articles and books


Simple English

In economics, the gross domestic product (GDP) is how much a place produces in some amount of time. For nations, the GDP can be found by adding up its output inside the borders of that country. To know the GDP of a country, one would need to add up the consumer spending, investment spending, government spending and the value of the exports and subtract the value of the imports.

This measure is often used to find out the health of a country in an economic way. In other words, a country with a high value of GDP can be called a large economy.

This measure is different from gross national product (GNP) in that GNP = GDP + net income from assets abroad (net income receipts).

While nominal GDP is the total amount of money spent on GDP, real GDP (like real in most economic meaning) tries to correct this number for inflation. For example, if the price level rises by 2% (everything costs 2% more), and the nominal GDP grows by 5%, the real GDP is still only 3%.krc:Бютеулюк ич продукт


Citable sentences

Up to date as of December 07, 2010

Here are sentences from other pages on Gross domestic product, which are similar to those in the above article.








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