What does GDP stand for?
Real gross domestic product
Real gross domestic product (real GDP for short) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation). This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output. Although GDP is total output, it is primarily useful because it closely approximates the total spending: the sum of consumer spending, investment made by industry, excess of exports over imports, and government spending. Due to inflation, GDP increases and does not actually reflect the true growth in an economy. That is why the GDP must be divided by the inflation rate (raised to the power of units of time in which the rate is measured) to get the growth of the real GDP. Different organizations use different types of 'Real GDP' measures, for example the United Nations UNCTAD uses 2005 Constant prices and exchange rates while the FRED uses 2009 constant prices and exchange rates, and recently the World Bank switched from 2005 to 2010 constant prices and exchange rates.
National debt of the United States
GDP is a measure of the total size and output of the economy. One measure of the debt burden is its size relative to GDP, called the "debt-to-GDP ratio." Mathematically, this is the debt divided by the GDP amount. The Congressional Budget Office includes historical budget and debt tables along with its annual "Budget and Economic Outlook." Debt held by the public as a percentage of GDP rose from 34.7% GDP in 2000 to 40.5% in 2008 and 67.7% in 2011.
List of countries by GDP (PPP) per capita
The gross domestic product (GDP) per capita figures on this page are derived from PPP calculations. Such calculations are prepared by various organizations, including the International Monetary Fund and the World Bank. As estimates and assumptions have to be made, the results produced by different organizations for the same country are not hard facts and tend to differ, sometimes substantially, so they should be used with caution.
List of North American countries by GDP (nominal)
Some countries/regions may have citizens which are on average wealthy. These countries/regions could appear in this list as having a small GDP. This would be because the country/region listed has a small population, and therefore small total economy; the GDP is calculated as the population times market value of the goods and services produced per person in the country.
Gross domestic product
GDP is product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens, and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. 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 GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP.
List of countries by GDP (PPP)
GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing a nation's domestic market because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates which may distort the real differences in per capita income. It is however limited when measuring financial flows between countries and when comparing quality of same goods among countries. PPP is often used to gauge global poverty thresholds and is used by the United Nations in constructing the human development index. These surveys such as the International Comparison Program include both tradable and non-tradable goods in an attempt to estimate a representative basket of all goods.
Gross domestic product
The factor used to convert GDP from current to constant values in this way is called the "GDP deflator". Unlike consumer price index, which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods.
Consumer spending
Underlying tax manipulation as a stimulant or suppression of consumer spending is an equation for Gross Domestic Product (GDP). The equation is GDP = C + I + G + NX, where C is private consumption, I is private investment, G is government and NX is the net of exports minus imports. Increases in government spending create demand and economic expansion. However, government spending increases translates to tax increases or deficit spending. This creates a potential negative impact on private consumption, investment, and/or the balance of trade.
Measures of national income and output
Gross domestic product (GDP) is defined as "the value of all final goods and services produced in a country in 1 year".
Guanosine diphosphate
GDP is the product of GTP dephosphorylation by GTPases, e.g., the G-proteins that are involved in signal transduction.
Guanosine diphosphate
Guanosine diphosphate, abbreviated GDP, is a nucleoside diphosphate. It is an ester of pyrophosphoric acid with the nucleoside guanosine. GDP consists of a pyrophosphate group, a pentose sugar ribose, and the nucleobase guanine.
Net domestic product
If the country is not able to replace the capital stock lost through depreciation, then GDP will fall. In addition, a growing gap between GDP and NDP indicates increasing obsolescence of capital goods, while a narrowing gap means that the condition of capital stock in the country is improving.
It reduces the value of capital that is why it is separated from GDP to get NDP.
Central Bank of Ireland
In response to the July 2016 leprechaun economics affair, the Central Bank convened a cross economic steering group (Economic Statistics Review Group, or "ESRG") including the IFAC, ESRI, NTMA, leading academics and the Department of Finance, to recommend new economic statistics to the Central Statistics Office ("CSO"), that would better represent the Irish economy (given the escalating distortions in GDP and GNP). The result was the introduction of "modified GNI" (or GNI*). Report Site of the ESRG. 2016 Modified GNI* is 70% of 2016 GDP (or 2016 GDP is 143% of 2016 GNI*).
Gross domestic income
In the United States, the Bureau of Economic Analysis produces figures for both the GDP and GDI. Although these should be equal, since they are calculated in different ways, in practice, the listed figures are different. This difference is known as the statistical discrepancy.
Group of Patriotic Democrats
The GDP is a leftist party founded in 1989.
Green gross domestic product
The Global Reporting Initiative's (GRI) core goals include the mainstreaming of disclosure on environmental, social and governance performance. Although the GRI is independent, it remains a collaborating centre of UNEP and works in cooperation with the United Nations Global Compact. It produces one of the world's most prevalent standards for sustainability reporting—also known as ecological footprint reporting, environmental social governance (ESG) reporting, triple bottom line (TBL) reporting, and corporate social responsibility (CSR) reporting. It is working on a green GDP to be implemented worldwide.
Real gross domestic product
An index called the GDP deflator can be obtained by dividing, for each year, the nominal GDP by the real GDP, so that the GDP deflator for the base year will be 100. It gives an indication of the overall level of price change (inflation or deflation) in the economy.
Gross output
In economics, gross output (GO) is the measure of total economic activity in the production of new goods and services in an accounting period. It is a much broader measure of the economy than gross domestic product (GDP), which is limited mainly to final output (finished goods and services). In 2016, the Bureau of Economic Analysis estimated gross output in the United States to be $32.1 trillion, compared to $18.6 trillion for GDP.
List of countries by GDP (PPP)
This article includes a list of countries by their forecasted estimated gross domestic product based on purchasing power parity, abbreviated GDP (PPP). Countries are sorted by GDP PPP forecast estimates from financial and statistical institutions in the limited period January–April 2017, which are calculated at market or government official exchange rates. The data given on this page are based on the international dollar, a standardized unit used by economists. Certain regions that are not widely considered countries such as the European Union and Hong Kong also show up in the list if they are distinct jurisdiction areas or economic entities.
GDP deflator
Unlike some price indices (like the CPI), the GDP deflator is not based on a fixed basket of goods and services. The basket is allowed to change with people's consumption and investment patterns. Specifically, for the GDP deflator, the "basket" in each year is the set of all goods that were produced domestically, weighted by the market value of the total consumption of each good. Therefore, new expenditure patterns are allowed to show up in the deflator as people respond to changing prices. The theory behind this approach is that the GDP deflator reflects up to date expenditure patterns. For instance, if the price of chicken increases relative to the price of beef, people may spend more money on beef as a substitute for chicken.
List of countries by GDP sector composition
The figures are based on nominal GDP and GDP (PPP) estimates and sector composition ratios provided by the CIA World Factbook at market or government official exchange rates with figures in trillions of United States dollars.
List of North American countries by GDP (nominal)
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries in North America are sorted by nominal GDP estimates based on 2018 data from the "World Economic Outlook" by the International Monetary Fund.
Penn World Table
The Penn World Table (PWT) is a set of national-accounts data developed and maintained by scholars at the University of California, Davis and the Groningen Growth Development Centre of the University of Groningen to measure real GDP across countries and over time. Successive updates have added countries (currently 167), years (1950-2014), and data on capital, productivity, employment and population. The current version of the database, version 9, thus allows for comparisons of relative GDP per capita, as a measure of standard of living, the productive capacity of economies and their productivity level. Compared to other databases, such as the World Bank's World Development Indicators, the time period covered is larger and there is more data that is useful for comparing productivity across countries and over time.
GDP deflator
In economics, the GDP deflator (implicit price deflator) is a measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year. GDP stands for gross domestic product, the total monetary value of all final goods and services produced within the territory of a country over a particular period of time (quarterly or annually).
Historical GDP of China
This article includes a list of China's historical gross domestic product (GDP) values (with the latest to reach above US$14 trillion for 2018), the market value of all final goods and services produced by a nation in a given year. The GDP dollar estimates presented here are either calculated at market or government official exchange rates (nominal), or derived from purchasing power parity (PPP) calculations. This article also includes historical GDP growth.
In 1985, the State Council of China (SCC) approved the establishment of a SNA (System of National Accounting), using GDP to measure the national economy. China started to study and then implement a new system of national economic accounting. In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, Dr. Fengbo Zhang headed Chinese Macroeconomic Research - the key research project of the seventh five-year plan, as well as completing and publishing the Chinese GDP data according to China's own research and calculations. A summary of the above events has been included in the book "Chinese Macroeconomic Structure and Policy" (June 1988) edited by Fengbo Zhang, and collectively authored by the Research Center of the SCC. This is the first GDP data which was published by China.
List of countries by GDP (PPP) in the nineteenth century
These are lists of countries in the nineteenth century by their estimated real gross domestic product (GDP) in terms of purchasing power parity (PPP), the value of all final goods and services produced within a country/region in a given year. GDP dollar (international dollar) estimates here are derived from PPP estimates.
GDP-linked bond
GDP-linked bonds are a form of floating-rate bond with a coupon that is associated with the growth rate of a country, just as other floating-rate bonds are linked to interest rates, such as LIBOR or federal funds rate, or inflation rates, which is the case of inflation-indexed bonds. These securities can be issued to reference real GDP, nominal GDP or aspects of both. In some cases, however, these securities may not have any principal claim and the notional is only used as a basis for calculating the investor's share of payments.
List of countries by past and projected GDP (nominal) per capita
This is an alphabetical list of countries by past and future gross domestic product per capita, based on official exchange rates, not on the purchasing power parity (PPP) methodology. Values are given in USDs and have not been adjusted for inflation. These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) database, October 2018 edition, World Bank, or various sources.
Tbilisi
With a GDP at basic prices of 12,147 Million Georgian lari(€4.3 billion) in 2014, Tbilisi is the economic center of the country, generating almost 50 percent of Georgia's GDP. The service sector, including government services, is dominating and contributes 88 percent to GDP. Its GDP per capita of 10,336 Georgian Lari(€3,600) is exceeding the national average by more than 50 percent. The service sector itself is dominated by the wholesale and retail trade sector, reflecting the role of Tbilisi as transit and logistics hub for the country and the South Caucasus. The manufacturing sector contributes only 12 percent to Tbilisi's GDP, but is much larger, by employment and total value added, than the manufacturing sectors in any other region of Georgia. The unemployment rate in Tbilisi is – with 22.5 percent – significantly higher in Tbilisi than in the regions.
Grassroots Democratic Party (Cambodia)
The GDP participated in the local elections held on 3 June 2017 by competing in 27 communes, winning five seats in 3 communes. The average results in 27 communes indicated that GDP ranked third after the two main rivals (CPP and CNRP), but in Pate commune GDP ranked second, receiving the same number of seats as CPP (CPP - 2, GDP - 2, CNRP - 1). 
Following the dissolution of CNRP, the GDP did not accept any re-allocation of CNRP seats.
The GDP participated in the national election held on 29 July 2018 and competed in all 25 constituencies. The party presented itself as the new alternative and the new hope for all Cambodians.
The GDP's political platform consisting of 125 key policies which are presented in the “Green Book.” The 125 policies are classified in national reconciliation and unity policies, national building policies, national protection and security policies and international cooperation policies. As part of the national reconciliation and unity, the GDP aims to create a solidarity government by inviting all political parties with National Assembly (NA) seats to form super nation building councils by inviting all former top national political leaders to be members.
For the election campaign among the general population, the GDP has summarized the key nation building policies in a one-page format which is known as Sor 5 policies, the Khmer acronym for five sectors, including: economy and jobs, health, education and youth, social welfare and public services and democratic governance. Among the 125 policies, 15 policies have been selected for the general campaign:
Economy and jobs
Health care
Education and youth
Social protection and welfare
Public services and democratic governance
It is important to note that the party will meet again in June 2018 to decide the next step in the process of participation in the election, including the election of the top candidate or prime minister (PM) candidate.
The GDP recognizes that one of the factors for free and fair elections is to ensure that there is a sufficient number of election observers at all polling stations, including both independent observers (national and international observers), as well as observers recruited directly by the GDP.
Gross domestic product
The history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector, by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In the words of one academic economist "The actual number for GDP is therefore the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework."
List of countries by GDP (nominal) per capita
The world sorted by their gross domestic product per capita at nominal values. This is the value of all final goods and services produced within a nation in a given year, converted at market exchange rates to current U.S. dollars, divided by the average population for the same year.
External debt of the Philippines
The Debt-to-GDP ratio is the proportion of a country's federal debt in relation to its total output or GDP. According to the Bangko Sentral ng Pilipinas (BSP), the ratio of what the Philippines owes from foreign creditors (external debt) to what it has been producing (GDP) has gone through a significant growth from 61.6% in 1999 to 68.2% in 2001. The ratio fluctuated until 2004 when it started a steady decline up to 2008. It rose again to 38.4% in 2009, but eventually fell down to 36.9% in 2010. Up until 2015, the trend was declining, with a 27.3% ratio at the end of 2014. Figures have generally been fluctuating (in terms of public and private external debt). Governments basically aim for low debt-to-GDP ratios because such is an indicator that the economy is producing high enough output to pay off its borrowings.
Gross domestic product
Constant-GDP figures allow us to calculate a GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year.
Consumption of fixed capital
Gross domestic product (GDP) equals net domestic product (NDP) + CCA (Capital Consumption Allowance).
Speed Score
Where GDP is times ground into double play.
Gross domestic product
The major advantage of GDP per capita as an indicator of standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP on a quarterly basis, allowing trends to be seen quickly. It is measured widely in that some measure of GDP is available for almost every country in the world, allowing inter-country comparisons. It is measured consistently in that the technical definition of GDP is relatively consistent among countries.
List of countries by past and projected GDP (PPP)
This is an alphabetical list of countries by past and projected Gross Domestic Product, based on the Purchasing Power Parity (PPP) methodology, not on market exchange rates. Values are given in USDs. These notional figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database, October 2018 Edition. The figures are given or expressed in millions of international dollars.
Gross domestic product
GDP does not account for the distribution of income among the residents of a country, because GDP is merely an aggregate measure. An economy may be highly developed or growing rapidly, but also contain a wide gap between the rich and the poor in a society. These inequalities often occur on the lines of race, ethnicity, gender, religion, or other minority status within countries. This can lead to misleading characterizations of economic well-being if the income distribution is heavily skewed toward the high end, as the poorer residents will not directly benefit from the overall level of wealth and income generated in their country. Even GDP per capita measures may have the same downside if inequality is high. For example, South Africa during apartheid ranked high in terms of GDP per capita, but the benefits of this immense wealth and income were not shared equally among the country.
Gross domestic product
GDP (Y) is the sum of consumption (C), investment (I), government spending (G) and net exports (X – M).
Economy of the Czech Republic
GDP (pp.): $353.9 billion (2016)
GDP (nom.): $195.3 billion (2016)
GDP Growth: 2.6% (2016)
GDP per capita (pp.): $33,500 (2016)
GDP per capita (nom.): $18,487 (2016)
GDP by sector:
"Agriculture:" 2.5%
"Industry:" 37.5%
"Services:" 60% (2016)
Inflation: 0.7% (2016)
Labour Force: 5.427 million (2017)
Unemployment: 2,3% (September 2018)
GDP (disambiguation)
GDP may also refer to:
List of Indian states and union territories by GDP
These are lists of Indian states and union territories by their nominal gross state domestic product (GSDP). GSDP is the sum of all value added by industries within each state or union territory and serves as a counterpart to the national gross domestic product (GDP).
Modified gross national income
By 2014, Irish GDP had inflated to 130% of Irish GNI, whereas for the EU–28 aggregate , GDP is equal to GNI. In October 2016, Ireland announced that GDP rose 26.3% in 2015, implying Irish GDP was over 150% of Irish GNI. The 2015 growth was due to Apple's Q1 2015 restructuring of its hybrid–double Irish BEPS tool, then under investigation by the EU Commission for illegal avoidance of Irish taxes during 2004–2014, into a new capital allowances for intangible assets Irish BEPS tool (known as the "Green Jersey"). Nobel Prize-winning economist, Paul Krugman, labeled the 2015 GDP growth, since revised to 34.4%, as "leprechaun economics".
Output gap
The percentage GDP gap is the actual GDP minus the potential GDP divided by the potential GDP.
Debt-to-GDP ratio
Particularly in macroeconomics, various debt-to-GDP ratios can be calculated. The most commonly used ratio is the government debt divided by the gross domestic product (GDP), which reflects the government's finances, while another common ratio is the total debt to GDP, which reflects the finances of the nation as a whole.
Tendency of the rate of profit to fall
Not only are GDP data frequently revised after first publication, but the popular idea that GDP equals "the whole economy" is a fallacy. It is a fallacy, not just because intermediate items, transfers and net factor income from abroad are excluded, but also because more domestic assets, incomes, transfers and spending exist beyond the defined "production" boundary for Gross Output (including, importantly, activities of government, financial institutions/companies, and households).
GDP deflator
It is often useful to consider implicit price deflators for certain subcategories of GDP, such as computer hardware. In this case, it is useful to think of the price deflator as the ratio of the current-year price of a good to its price in some base year. The price in the base year is normalized to 100. For example, for computer hardware, we could define a "unit" to be a computer with a specific level of processing power, memory, hard drive space and so on. A price deflator of 200 means that the current-year price of this computing power is twice its base-year price - price inflation. A price deflator of 50 means that the current-year price is half the base year price - price deflation. This can lead to a situation where official statistics reflect a drop in prices, even though they have stayed the same.
Production (economics)
In the case of a single production process (described above) the output is defined as an economic value of products and services produced in the process. When we want to examine an entity of many production processes we have to sum up the value-added created in the single processes. This is done in order to avoid the double accounting of intermediate inputs. Value-added is obtained by subtracting the intermediate inputs from the outputs. The most well-known and used measure of value-added is the GDP (Gross Domestic Product). It is widely used as a measure of the economic growth of nations and industries.
Penn World Table
A common practice for comparing GDPs across countries has been to use exchange rates. However, this assumes that this relative price - based on traded products - is representative of all relatives prices in the economy, i.e. that it represents the purchasing power parity (PPP) of each currency. By contrast, PWT uses detailed prices within each country for different expenditure categories, regardless of whether the output is traded internationally (say, computers) or not (say, haircuts). These detailed prices are combined into an overall relative price level, typically referred to as the country's PPP. The detailed prices used to compute PPPs are based on data published by the World Bank as part of the International Comparison Program (ICP).
Twin deficits hypothesis
where "Y" represents national income or GDP, "C" is consumption, "I" is investment, "G" is government spending and "X–M" stands for net exports. This represents GDP because all the production in an economy (the left hand side of the equation) is used as consumption ("C"), investment ("I"), government spending ("G"), and goods that are exported in excess of imports ("NX"). Another equation defining GDP using alternative terms (which in theory results in the same value) is
Urban theory
Arguably, the culprit of this economic entrapment is the high consumption lifestyle synonymous with affluence. The resolve may well be that ‘less is more’ and that true welfare lies not in rise in production and income. As such, Gross Domestic Product (GDP) is increasingly being questioned as inaccurate and inadequate. GDP includes things that do not contribute to sustainable growth and excludes non-monetary benefits that improve the welfare of the people. In response, alternative measures have been proposed such as the Genuine Progress Indicator (GPI) and the Index of Sustainable Welfare - ISEW.
Gross domestic product
Another thing that it may be desirable to account for is population growth. If a country's GDP doubled over a certain period, but its population tripled, the increase in GDP may not mean that the standard of living increased for the country's residents; the average person in the country is producing less than they were before. "Per-capita GDP" is a measure to account for population growth.
Modified gross national income
Modified gross national income, Modified GNI or GNI* was created by the Central Bank of Ireland in February 2017 as a new way to measure the Irish economy, and Irish indebtedness, due to the considerable distortion that the base erosion and profit shifting ("BEPS") tools of U.S. multinational tax schemes, were having on Irish GNP and Irish GDP. While a "distorted GDP-per-capita" is a known feature of corporate–tax havens, Ireland was the first to replace its GDP/GNP metrics.
Deflator
In the United States, the import and export price indexes produced by the International Price Program are used as deflators in national accounts. For example, the gross domestic product (GDP) equals consumption expenditures plus net investment plus government expenditures plus exports minus imports. Various price indexes are used to "deflate" each component of the GDP to make the GDP figures comparable over time. Import price indexes are used to deflate the import component (i.e., import volume is divided by the Import Price index) and the export price indexes are used to deflate the export component (i.e., export volume is divided by the Export Price index).
Gross domestic product
GDP per capita is often used as an indicator of living standards.
List of countries by past and projected GDP (nominal)
This is an alphabetical list of countries by past and projected gross domestic product (nominal) as ranked by the IMF. Figures are based on official exchange rates, not on the purchasing power parity (PPP) methodology. Values are given in millions of United States dollars (USD) and have not been adjusted for inflation. These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database (April 2018 edition) and/or other sources.
Development economics
Per capita Gross Domestic Product (GDP per head) is used by many developmental economists as an approximation of general national well-being. However, these measures are criticized as not measuring economic growth well enough, especially in countries where there is much economic activity that is not part of measured financial transactions (such as housekeeping and self-homebuilding), or where funding is not available for accurate measurements to be made publicly available for other economists to use in their studies (including private and institutional fraud, in some countries).
Gross domestic product
William Petty came up with a basic concept of GDP to attack landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare (see below under "limitations and criticisms"). After the Bretton Woods conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by a country's citizens at home and abroad rather than its 'resident institutional units' (see OECD definition above).
The switch from "GNP" to "GDP" in the US was in 1991, trailing behind most other nations. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the US Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into governmental institutions.
Broad measures of economic progress
The World Bank suggests the usage of Human Development Index (HDI) and the Gross National Happiness Index (NHI). The HDI is a composite index of
The NHI focuses on the spiritual and material development of human beings by focussing on the four pillars of sustainable development, preservation of cultural values, conservation of natural resources and establishment of good governance. The bank also notes suggestions made by President Nicholas Sarkozy for the modification of the definition of GDP that stops the social and cultural damage that the current definitions are leading to. The Bank also suggests Adjusted Net Savings as an alternative to GDP.
Tendency of the rate of profit to fall
A gross product account for a nation (in which GDP is an entry) is an account of factor incomes and factor expenditures generated by production. It is "not" (as Thomas Piketty highlighted) an account of the total capital assets of a nation, that shows what happens with those assets, "nor" an account of the distribution of all the nation's incomes. When journalists equate GDP with "the whole economy", this is not only false; it also hides half of what is going on.
Gross domestic product
It can be argued that GDP per capita as an indicator standard of living is correlated with these factors, capturing them indirectly. As a result, GDP per capita as a standard of living is a continued usage because most people have a fairly accurate idea of what it is and know it is tough to come up with quantitative measures for such constructs as happiness, quality of life, and well-being.
List of African countries by GDP (nominal)
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries in Africa are sorted according to data from the International Monetary Fund.
The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.
United States
The nominal GDP of the U.S. is estimated to be $17.528 trillion . From 1983 to 2008, U.S. real compounded annual GDP growth was 3.3%, compared to a 2.3% weighted average for the rest of the G7. The country ranks ninth in the world in nominal GDP per capita according to the United Nations (first in the Americas) and sixth in GDP per capita at PPP. The U.S. dollar is the world's primary reserve currency.
Green gross domestic product
The green gross domestic product (green GDP or GGDP) is an index of economic growth with the environmental consequences of that growth factored into a country's conventional GDP. Green GDP monetizes the loss of biodiversity, and accounts for costs caused by climate change. Some environmental experts prefer physical indicators (such as "waste per capita" or "carbon dioxide emissions per year"), which may be aggregated to indices such as the "Sustainable Development Index".
List of African countries by GDP (PPP) per capita
This is a list of African countries by Gross Domestic Product (GDP) per capita based on purchasing power parity (PPP). GDP (PPP) per capita and total GDP estimate values are given in international dollars. The highest percentage composition of GDP from a sector of origin (agriculture, industry or services) is bolded. Dependent territories (not sovereign states) have their names in italics and are not ranked.
Gross domestic product
GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms.
Net material product
GDP began to be calculated in the USSR in 1988, based essentially on the United Nations System of National Accounts. The table compares the new GDP estimates with the traditional NMP numbers (in billions of current rubles). GDP is seen to be 25%–30% higher than NMP due to depreciation and the "non-productive" service sectors included in GDP but not in NMP.
Aggregate income
Aggregate income is the total of all incomes in an economy without adjustments for inflation, taxation, or types of double counting. Aggregate income is a form of GDP that is equal to Consumption expenditure plus net profits. 'Aggregate income' in economics is a broad conceptual term. It may express the proceeds from total output in the economy for producers of that output. There are a number of ways to measure aggregate income, but GDP is one of the best known and most widely used.
List of countries by GDP (nominal)
The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF definitive data for the past year and estimates for the current year are published twice a year in April and October. Several economies which are not considered to be countries (the world, the European Union, and some dependent territories) are included in the lists because they appear in the sources as distinct economies. These economies are italicized and not ranked in the charts, but are listed where applicable.
List of U.S. states and territories by GDP
This is a list of U.S. states, federal district, and territories sorted by their gross domestic product (GDP). The United States Bureau of Economic Analysis (BEA) defines "GDP by state" as "the sum of value added from all industries in the state." Data for the territories is from Worldbank.org.
GDP density
GDP Density is a measure of economic activity by area. It is expressed as GDP per square kilometer and can be calculated by multiplying GDP per capita of an area by the population density of that area. Amongst other uses it demonstrates the effects of geography on economy.
Aggregate income
X (exports) represents gross exports. GDP captures the amount a country produces, including goods and services produced for other nations' consumption, therefore exports are added.
Transfer payment
For the purposes of calculating gross domestic product (GDP), government spending does not include transfer payments – the reallocation of money from one party to another – which includes Social Security, Medicare, unemployment insurance, welfare programs and subsidies. Because these are not payments for goods or services, they do not represent a form of final demand, or GDP.
National Income and Product Accounts
The sum of the four production categories is gross domestic product, the value of all domestic expenditures on goods and services. GDP (income) must equal GDP (production) except for any rounding error that accumulates when the data used to prepare a table includes rounding at prior stages of analysis, as appears to have happened in this case.
International Comparison Program
The Program produces internationally comparable price and volume measures for gross domestic product (GDP). Its component expenditures are based on purchasing power parities (PPP's). The International Comparison Program holds surveys collecting price and expenditure data for the entire range of final goods and services at intervals of some few years (the last two were separated by six years). The surveys cover GDPs of countries including their consumer goods, services, government services and capital goods. The ICP tries to make different countries GDPs comparable by calculating them in PPP both currency converters and spatial price deflators.
Debt-to-GDP ratio
The change in debt-to-GDP is approximately "net change in debt as percentage of GDP"; for government debt, this is deficit or (surplus) as percentage of GDP.
Valuation of Nonmarket Housework
The GPI is an alternative to GDP as a measure of economic growth that is generally designed to incorporate environmental and social factors that are not traditionally included. While much of the focus is typically placed on environmental costs, most GPI measurements explicitly include additions for the value of household work and parenting.
BRIC
South Korea is one of the world's most highly developed countries and including it with developing countries like the BRICs is not deemed correct. However, commentators such as William Pesek from Bloomberg argue that Korea is "Another 'BRIC' in Global Wall", suggesting that it stands out from the Next Eleven economies with its BRIC-like growth rate, despite its Human Development Index being higher than some of the world's most advanced economies, including France, UK, Austria, Denmark, Finland and Belgium. South Korean workers are the wealthiest among major Asian countries, with a higher income than Japan and the strongest growth rate in the OECD. More importantly, it has a significantly higher Growth Environment Score (Goldman Sachs' way of measuring the long-term sustainability of growth) than all of the BRICs or N-11s. According to the IMF, South Korea's GDP measured by purchasing power parity is already larger than Canada and Spain. In terms of GDP per capita (PPP), South Korea overtook Spain in 2010. According to Citibank, South Korea will continue by overtaking Germany, Britain, Australia and Sweden by 2020, surpassing Canada, Switzerland, Netherlands and Norway by 2030 and taking over the United States by 2040 to become the world's wealthiest major economy. While measuring the South Korean economy by nominal GDP is inaccurate as the South Korean won is artificially kept low to boost exports, IMF predicts South Korea's nominal GDP and GDP per capita will surpass Spain in 2015. Economists from other investment firms argue that even when measured by nominal GDP per capita, South Korea will achieve over $145,000 in 2040, surpassing the United States, suggesting that wealth is more important than size for bond investors, stating that Korea's credit rating will be rated AAA sooner than 2050.
Economy of Japan
The economy of Japan is a highly developed and market-oriented economy. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). and is the world's second largest developed economy. Japan is a member of the G7. According to the International Monetary Fund, the country's per capita GDP (PPP) was at $38,937(2016). Due to a volatile currency exchange rate, Japan's GDP as measured in dollars fluctuates widely. Accounting for these fluctuations through use of the Atlas method, Japan is estimated to have a GDP per capita of around $38,490. The Japanese economy is forecasted by the Quarterly Tankan survey of business sentiment conducted by the Bank of Japan. The Nikkei 225 presents the monthly report of top Blue chip (stock market) equities on Japan Exchange Group.
Gross domestic product
Although a high or rising level of GDP is often associated with increased economic and social progress within a country, a number of scholars have pointed out that this does not necessarily play out in many instances. For example, Jean Drèze and Amartya Sen have pointed out that an increase in GDP or in GDP growth does not necessarily lead to a higher standard of living, particularly in areas such as healthcare and education. Another important area that does not necessarily improve along with GDP is political liberty, which is most notable in China, where GDP growth is strong yet political liberties are heavily restricted.
Aggregate income
GDP stands for gross domestic product. GDP is a measure of the economic output of a country. It is usually defined as the total market value of goods and services produced within a given period after deducting the cost of goods and services used up in the process of production, but before allowances for depreciation. Most countries compile estimates of their GDP based on guidelines from the United Nations.
Economy
Other sectors of the developed community include :There are a number of concepts associated with the economy, such as these:The GDP (gross domestic product) of a country is a measure of the size of its economy. The most conventional economic analysis of a country relies heavily on economic indicators like the GDP and GDP per capita. While often useful, GDP only includes economic activity for which money is exchanged.
Gross domestic product
GDP does not take into account the value of household and other unpaid work. Some, including Martha Nussbaum, argue that this value should be included in measuring GDP, as household labor is largely a substitute for goods and services that would otherwise be purchased for value. Even under conservative estimates, the value of unpaid labor in Australia has been calculated to be over 50% of the country's GDP. A later study analyzed this value in other countries, with results ranging from a low of about 15% in Canada (using conservative estimates) to high of nearly 70% in the United Kingdom (using more liberal estimates). For the United States, the value was estimated to be between about 20% on the low end to nearly 50% on the high end, depending on the methodology being used. Because many public policies are shaped by GDP calculations and by the related field of national accounts, the non-inclusion of unpaid work in calculating GDP can create distortions in public policy, and some economists have advocated for changes in the way public policies are formed and implemented.
Gross domestic product
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, Organisation for Economic Co-operation and Development, United Nations and World Bank. The publication is normally referred to as SNA93 to distinguish it from the previous edition published in 1968 (called SNA68)
GDP (musician)
Matthew Miller, better known by his stage name GDP, is an American hip hop recording artist from West Orange, New Jersey.
List of countries by GDP (PPP) in the nineteenth century
Due to the absence of sufficient data for nearly all economies until the 20th century, earlier GDP is only roughly estimated. In a first step, economic historians try to reconstruct the GDP per capita of a given political or geographical entity from the meagre evidence. This value is then multiplied by the estimated population size, another determinant for which as a rule only little ancient data is available.
Natural capital accounting
Adjusted gross domestic product, or green GDP, systematically corrects conventional GDP by taking into account aspects of a country's production of goods and services (e.g. environmental degradation and natural resource depletion) that would not otherwise be included in the indicator, but are relevant to sustainability.
Debt-to-GDP ratio
By dimensional analysis these quantities are the ratio of a stock (with dimensions of currency) by a flow (with dimensions of currency/time), so they have dimensions of time. With currency units of US dollars (or any other currency) and time units of years (GDP per annum), this yields the ratio as having units of years, which can be interpreted as "the number of years to pay off debt, if all of GDP is devoted to debt repayment".
State Domestic Product
State Domestic Product, or SDP, is the total value of goods and services produced during any financial year within the geographical boundaries of a "state". Also called the "state income", SDP is always calculated or estimated in monetary terms, and is instrumental in the evaluation of per capita income. "State" here refers to a country subdivision, as in the states of the United States and the states of India. While GDP gives a good estimate of the entire nation's output, SDP provides more detailed economic details about subnational territories.
Economic integration
Dynamic analysis has started with a new definition of gross domestic product (GDP), as a difference between aggregate revenues of sectors and investment (a modification of the value added definition of the GDP). It was possible to analytically prove that all the states gain from economic unification, with larger states receiving less growth of GDP and productivity, and vice versa concerning the benefit to lesser states. Although this fact has been empirically known for decades, now it was also shown as being mathematically correct.
List of Commonwealth of Nations countries by GDP (PPP)
This is a list of Commonwealth of Nations countries by gross domestic product at purchasing power parity (PPP). Gross domestic product is the value of all final goods and services produced within a nation in a given year. The GDP dollar estimates presented here are calculated at market or government official exchange rates. Values are given in millions of US dollars. Dependent territories are shown in italics and are not ranked, and their flags are shown alongside the country of which they are a territory.
List of countries by total health expenditure per capita
The chart to the right measures the total cost of health care (public and private expenditures) as a percent of GDP (gross domestic product) for a few nations. GDP is a measure of the total economy of a nation.
Gross output
Economists regard GO and GDP as complementary aggregate measures of the economy. Many analysts view GO as a more comprehensive way to analyze the economy and the business cycle. "Gross output [GO] is the natural measure of the production sector, while net output [GDP] is appropriate as a measure of welfare. Both are required in a complete system of accounts."
Index (economics)
In economics and finance, an index is a statistical measure of changes in a representative group of individual data points. These data may be derived from any number of sources, including company performance, prices, productivity, and employment. Economic indices track economic health from different perspectives. Influential global financial indices such as the Global Dow, and the NASDAQ Composite track the performance of selected large and powerful companies in order to evaluate and predict economic trends. The Dow Jones Industrial Average and the S&P 500 primarily track U.S. markets, though some legacy international companies are included. The consumer price index tracks the variation in prices for different consumer goods and services over time in a constant geographical location, and is integral to calculations used to adjust salaries, bond interest rates, and tax thresholds for inflation. The GDP Deflator Index, or real GDP, measures the level of prices of all new, domestically produced, final goods and services in an economy. Market performance indices include the labour market index/job index and proprietary stock market index investment instruments offered by brokerage houses.
System of Integrated Environmental and Economic Accounting
The high level conference "Beyond GDP" in November 2007 at which Commissioner Dimas concluded that "we [The European Commission] will also need to speed up and improve the development of integrated accounting in the social and environmental spheres" increased the interest for SEEA (please consult the official web-site of Beyond GDP at http://www.beyond-gdp.eu/). The idea of Beyond GDP is to increase the use of indicators related to environment and social aspects in relation to indicators such as the Gross Domestic Product (GDP) "...to address global challenges such as climate change, poverty, resource depletion and health" (Beyond GDP web-site). In 2009 the European Commission issued a communication "GDP and beyond Measuring progress in a changing world" describing the need to complement economic indicators such as the GDP with social and environmental indicators. According to this communication, the European Commission plans to extend the existing data collection further, ready for policy analysis by 2013.
Real gross domestic product
Real GDP is an example of the distinction between real vs. nominal values in economics. Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country. That market value depends on the quantities of goods and services produced, and their respective prices.
List of sovereign states and dependent territories in Europe by GDP (PPP)
This is a list of European nations sorted by their Gross Domestic Product (GDP), the value of all final goods and services produced within a nation in a given year. The GDP dollar estimates presented here are derived from purchasing power parity (PPP) calculations for the latest years recorded in the CIA World Factbook. The list includes all members of the Council of Europe, Belarus and Kosovo. The figures provided are all quoted in US dollars.
List of countries by GDP (PPP) per capita
There are many natural economic reasons for GDP-per-capita to vary between jurisdictions (e.g. places rich in Oil & Gas reserves tend to have high GDP-per-capita figures). However, it is increasingly being recognized that tax havens, or corporate tax havens, have distorted economic data which produces artificially high, or inflated, GDP-per-capita figures. It is estimated that over 15% of global jurisdictions are tax havens (see tax haven lists). An IMF investigation estimates that circa 40% of global FDI flows, which heavily influence the GDP of various jurisdictions, are described as "phantom" transactions.
Gross domestic product
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).
Gross domestic product
Ever since the development of GDP, multiple observers have pointed out limitations of using GDP as the overarching measure of economic and social progress.