Transcript rent house costa

• Gross Domestic Product
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Gross domestic product
1
Gross domestic product (GDP) is the
market value of all officially
recognized final goods and services
produced within a country in a given
period of time. GDP per capita is often
considered an indicator of a country's
standard of living.
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Gross domestic product
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GDP per capita is not a measure of
personal income (See Standard of
living and GDP). Under economic
theory, GDP per capita exactly equals
the gross domestic income (GDI) per
capita (See Gross domestic income).
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Gross domestic product
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GDP is related to national accounts, a
subject in macroeconomics. GDP is
not to be confused with gross national
product (GNP) which allocates
production based on ownership.
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Gross domestic product - History
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.
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Gross domestic product - Determining GDP
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GDP can be determined in three ways, all
of which should, in principle, give the
same result. They are the product (or
output) approach, the income approach,
and the expenditure approach.
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Gross domestic product - Determining GDP
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The most direct of the three is the product
approach, which sums the outputs of
every class of enterprise to arrive at the
total
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Gross domestic product - Determining GDP
Example: the
expenditure method:
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Gross domestic product - Determining GDP
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GDP = private consumption + gross investment
+ government spending + (exports − imports), or
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Gross domestic product - Determining GDP
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Note: "Gross" means that GDP measures
production regardless of the various uses
to which that production can be put
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Gross domestic product - Determining GDP
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Economists (since Keynes) have preferred
to split the general consumption term into
two parts; private consumption, and public
sector (or government) spending. Two
advantages of dividing total consumption
this way in theoretical macroeconomics
are:
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Gross domestic product - Determining GDP
Private consumption is a central
concern of welfare economics. The
private investment and trade portions
of the economy are ultimately
directed (in mainstream economic
models) to increases in long-term
private consumption.
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Gross domestic product - Determining GDP
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If separated from endogenous private
consumption, government
consumption can be treated as
exogenous, so that different
government spending levels can be
considered within a meaningful
macroeconomic framework.
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Gross domestic product - Production approach
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" Market value of all final goods and
services calculated during 1 year . "
The production approach is also
called Net Product or Value added
method. This method consists of three
stages:
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Gross domestic product - Production approach
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Estimating the Gross Value of domestic Output out
of the many various economic activities;
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Gross domestic product - Production approach
Determining the intermediate
consumption, i.e., the cost of material,
supplies and services used to produce
final goods or services; and finally
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Gross domestic product - Production approach
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Deducting intermediate consumption from Gross
Value to obtain the Net Value of Domestic Output.
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Gross domestic product - Production approach
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Net Value Added = Gross Value of
output – Value of Intermediate
Consumption.
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Gross domestic product - Production approach
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Value of Output = Value of the total sales
of goods and services + Value of changes
in the inventories.
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Gross domestic product - Production approach
The sum of Net Value Added in various
economic activities is known as GDP at factor
cost.
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Gross domestic product - Production approach
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GDP at factor cost plus indirect taxes less
subsidies on products is GDP at Producer
Price.
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Gross domestic product - Production approach
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For measuring gross output of domestic
product, economic activities (i.e.
industries) are classified into various
sectors. After classifying economic
activities, the gross output of each sector
is calculated by any of the following two
methods:
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Gross domestic product - Production approach
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By multiplying the output of each sector by
their respective market price and adding
them together and
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Gross domestic product - Production approach
Subtracting each sector's intermediate
consumption from gross output, we get
sectoral Gross Value Added (GVA) at
factor cost. We, then add gross value of all
sectors to get GDP at factor cost. Adding
indirect tax minus subsidies in GDP at
factor cost, we get GDP at Producer
Prices'.
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Gross domestic product - Income approach
" [S]um total of
incomes of
individuals living in a
country during 1 year
."
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Gross domestic product - Income approach
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Another way of measuring GDP is to
measure total income. If GDP is
calculated this way it is sometimes
called Gross Domestic Income (GDI),
or GDP(I). GDI should provide the
same amount as the expenditure
method described below. (By
definition, GDI = GDP. In practice,
however, measurement errors will
make the two figures slightly off when
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Gross domestic product - Income approach
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This method measures GDP by adding
incomes that firms pay households for
factors of production they hire- wages
for labour, interest for capital, rent for
land and profits for entrepreneurship.
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Gross domestic product - Income approach
The US "National Income and Expenditure
Accounts" divide incomes into five categories:
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Gross domestic product - Income approach
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Wages, salaries, and
supplementary labour
income
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Gross domestic product - Income approach
Interest and
miscellaneous
investment income
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Gross domestic product - Income approach
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Income from non-farm
unincorporated
businesses
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Gross domestic product - Income approach
These five income
components sum to net
domestic income at
factor cost.
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Gross domestic product - Income approach
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Indirect taxes minus subsidies are added to get
from factor cost to market prices.
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Gross domestic product - Income approach
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Depreciation (or Capital Consumption
Allowance) is added to get from net
domestic product to gross domestic
product.
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Gross domestic product - Income approach
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Total income can be subdivided according
to various schemes, leading to various
formulae for GDP measured by the
income approach. A common one is:
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Gross domestic product - Income approach
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GDP = compensation of employees +
gross operating surplus + gross mixed
income + taxes less subsidies on
production and imports
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Gross domestic product - Income approach
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.
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Gross domestic product - Income approach
Gross operating surplus (GOS) is the
surplus due to owners of incorporated
businesses. Often called profits, although
only a subset of total costs are subtracted
from gross output to calculate GOS.
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Gross domestic product - Income approach
Gross mixed income (GMI) is the same
measure as GOS, but for unincorporated
businesses. This often includes most small
businesses.
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Gross domestic product - Income approach
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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. It
measures the value of GDP at factor
(basic) prices. 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. So
adding taxes less subsidies on production
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Gross domestic product - Income approach
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Yet another formula for GDP by
the income method is:
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Gross domestic product - Income approach
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SA : statistical adjustments (corporate income
taxes, dividends, undistributed corporate
profits)
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Gross domestic product - Expenditure approach
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In economics, most things
produced are produced
for sale, and sold
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Gross domestic product - Components of GDP by expenditure
GDP (Y) is a sum of Consumption (C),
Investment (I), Government Spending (G)
and Net Exports (X – M).
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Gross domestic product - Components of GDP by expenditure
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C (consumption) is normally the largest
GDP component in the economy,
consisting of private (household final
consumption expenditure) in the
economy. These personal expenditures
fall under one of the following
categories: durable goods, non-durable
goods, and services. Examples include
food, rent, jewelry, gasoline, and
medical expenses but does not include
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Gross domestic product - Components of GDP by expenditure
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I (investment) includes, for instance,
business investment in equipment, but
does not include exchanges of existing
assets
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Gross domestic product - Components of GDP by expenditure
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G (government spending) is the sum
of government expenditures on final
goods and services. It includes
salaries of public servants, purchase
of weapons for the military, and any
investment expenditure by a
government. It does not include any
transfer payments, such as social
security or unemployment benefits.
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Gross domestic product - Components of GDP by expenditure
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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.
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Gross domestic product - Components of GDP by expenditure
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M (imports) represents gross imports.
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.
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Gross domestic product - Components of GDP by expenditure
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).
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Gross domestic product - Components of GDP by expenditure
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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 nonprofit institutions serving households)
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Gross domestic product - Components of GDP by expenditure
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Note that C, G, and I are expenditures on
final goods and services; expenditures on
intermediate goods and services do not
count. (Intermediate goods and services
are those used by businesses to produce
other goods and services within the
accounting year. )
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Gross domestic product - Components of GDP by expenditure
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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]."
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Gross domestic product - Examples of GDP component variables
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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. The former is
included when measuring GDP (in I), the
latter is not. However, when the
consortium conducted its own expenditure
on renovation, that expenditure would be
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Gross domestic product - Examples of GDP component variables
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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.
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Gross domestic product - Examples of GDP component variables
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.
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Gross domestic product - Examples of GDP component variables
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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.
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Gross domestic product - Examples of GDP component variables
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A "production boundary"
delimits what will be
counted as GDP.
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Gross domestic product - Examples of GDP component variables
"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."
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Gross domestic product - Examples of GDP component variables
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All output for market is at least in theory
included within the boundary. 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." An exception
is that illegal goods and services are often
excluded even if they are sold at
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Gross domestic product - Examples of GDP component variables
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This leaves non-market
output
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Gross domestic product - Examples of GDP component variables
Within the limits so far described, the
boundary is further constricted by
"functional considerations." 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
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Gross domestic product - Examples of GDP component variables
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Nonmarket outputs that are included within
the boundary are listed below. Since, by
definition, they do not have a market price,
the compilers 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.
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Gross domestic product - Examples of GDP component variables
Goods and services provided by
governments and non-profit organizations
free of charge or for economically
insignificant prices are included
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Gross domestic product - Examples of GDP component variables
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Goods and services produced for own-use
by businesses are attempted to be
included. An example of this kind of
production would be a machine
constructed by an engineering firm for use
in its own plant.
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Gross domestic product - Examples of GDP component variables
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Renovations and upkeep by an individual to a home
that she owns and occupies are included
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Gross domestic product - Examples of GDP component variables
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Agricultural production for consumption by oneself
or one's household is included.
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Gross domestic product - Examples of GDP component variables
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
1
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Gross domestic product - GDP vs GNP
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GDP can be contrasted with gross national
product (GNP) or gross national income
(GNI). The difference is that GDP defines
its scope according to location, while GNP
defines its scope according to ownership.
In a global context, world GDP and world
GNP are, therefore, equivalent terms.
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Gross domestic product - GDP vs GNP
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GDP is product produced within a
country's borders; GNP is product
produced by enterprises owned by a
country's citizens
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Gross domestic product - GDP vs GNP
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
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Gross domestic product - GDP vs GNP
Gross national income (GNI) equals
GDP plus income receipts from the rest
of the world minus income payments to
the rest of the world.
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Gross domestic product - GDP vs GNP
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In 1991, the United States switched from
using GNP to using GDP as its primary
measure of production. The relationship
between United States GDP and GNP is
shown in table 1.7.5 of the National
Income and Product Accounts.
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Gross domestic product - International standards
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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 Cooperation and Development, United
Nations and World Bank. The publication
is normally referred to as SNA93 to
distinguish it from the previous edition
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Gross domestic product - International standards
SNA93 provides a set of rules and
procedures for the measurement of
national accounts. The standards are
designed to be flexible, to allow for
differences in local statistical needs and
conditions.
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Gross domestic product - National measurement
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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).
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Gross domestic product - National measurement
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National agencies responsible
for GDP measurement
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Gross domestic product - Interest rates
1
Net interest expense is a transfer payment
in all sectors except the financial sector.
Net interest expenses in the financial
sector are seen as production and value
added and are added to GDP.
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Gross domestic product - Nominal GDP and adjustments to GDP
The raw GDP figure as given by the
equations above is called the nominal,
historical, or current, GDP. When one
compares GDP figures from one year to
another, it is desirable to compensate for
changes in the value of money – i.e., for the
effects of inflation or deflation. 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 a base year.
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Gross domestic product - Nominal GDP and adjustments to GDP
1
For example, suppose a country's GDP in 1990
was $100 million and its GDP in 2000 was $300
million
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Gross domestic product - Nominal GDP and adjustments to GDP
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
1
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Gross domestic product - Nominal GDP and adjustments to GDP
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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.
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Gross domestic product - Nominal GDP and adjustments to GDP
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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
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Gross domestic product - Cross-border comparison and PPP
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 purchasing power parity exchange
rate.
1
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Gross domestic product - Cross-border comparison and PPP
1
Current currency exchange rate is the exchange
rate in the international foreign exchange market.
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Gross domestic product - Cross-border comparison and PPP
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Purchasing power parity exchange rate is
the exchange rate based on the
purchasing power parity (PPP) of a
currency relative to a selected standard
(usually the United States dollar)
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Gross domestic product - Cross-border comparison and PPP
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The ranking of countries may differ significantly
based on which method is used.
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Gross domestic product - Cross-border comparison and PPP
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The current exchange rate method
converts the value of goods and
services using global currency
exchange rates
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Gross domestic product - Cross-border comparison and PPP
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The purchasing power parity method
accounts for the relative effective
domestic purchasing power of the
average producer or consumer within
an economy. 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.
For example, India ranks 10th by
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Gross domestic product - Cross-border comparison and PPP
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. This finding is
called the Penn effect.
1
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Gross domestic product - Cross-border comparison and PPP
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For more information, see
Measures of national
income and output.
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Gross domestic product - Per unit GDP
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Therefore, GDP can be stated as GDP
per capita (per person) in which total
GDP is divided by the resident
population on a given date, GDP per
citizen where total GDP is divided by
the numbers of citizens residing in the
country on a given date, and less
commonly GDP per unit of a resource
input, such as GDP per GJ of energy or
Gross domestic product per barrel
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Gross domestic product - Standard of living and GDP
1
GDP per capita is not a measurement of
the standard of living in an economy;
however, it is often used as such an
indicator, on the rationale that all citizens
would benefit from their country's
increased economic production
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Gross domestic product - Standard of living and GDP
1
The major disadvantage is that it is
not a measure of standard of living.
GDP is intended to be a measure of
total national economic activity—a
separate concept.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Standard of living and GDP
The argument for using GDP as a
standard-of-living proxy is not that it
is a good indicator of the absolute
level of standard of living, but that
living standards tend to move with
per-capita GDP, so that changes in
living standards are readily detected
through changes in GDP.
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Externalities
GDP is widely used by economists to
gauge economic recession and recovery
and an economy's general monetary
ability to address externalities. It is not
meant to measure externalities. It serves
as a general metric for a nominal
monetary standard of living and is not
adjusted for costs of living within a
region. GDP is a neutral measure which
merely shows an economy's general
ability to pay for externalities such as
social and environmental concerns.
Examples of externalities include:
1
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Gross domestic product - Externalities
1
Wealth distribution – GDP does not
account for variances in incomes of
various demographic groups. See
income inequality metrics for
discussion of a variety of inequalitybased economic measures.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Externalities
1
Non-market transactions–GDP excludes
activities that are not provided through the
market, such as household production and
volunteer or unpaid services
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Externalities
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.
1
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Gross domestic product - Externalities
Asset Value–GDP does not take into
account the value of all assets in an
economy. This is akin to ignoring a
company's balance sheet, and judging
it solely on the basis of its income
statement.
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Externalities
Non-monetary economy–GDP omits
economies where no money comes into
play at all, resulting in inaccurate or
abnormally low GDP figures. For
example, in countries with major
business transactions occurring
informally, portions of local economy
are not easily registered. Bartering may
be more prominent than the use of
money, even extending to services (I
1
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Gross domestic product - Externalities
1
GDP also ignores
subsistence
production.
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Gross domestic product - Externalities
1
Quality improvements and inclusion of
new products–By not adjusting for
quality improvements and new
products, GDP understates true
economic growth
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Externalities
1
What is being produced–GDP counts
work that produces no net change or
that results from repairing harm
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Gross domestic product - Externalities
Sustainability of growth– GDP is a
measurement of economic historic activity
and is not necessarily a projection. A
country may achieve a temporarily high
GDP from use of natural resources or by
misallocating investment.
1
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Gross domestic product - Externalities
1
Nominal GDP doesn't measure variations
in purchasing power or costs of living by
area, 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.
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Gross domestic product - Externalities
1
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
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Gross domestic product - Limitations and Criticisms
Simon Kuznets, the economist who
developed the first comprehensive set
of measures of national income,
stated in his first report to the US
Congress in 1934, in a section titled
"Uses and Abuses of National Income
Measurements":
1
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Gross domestic product - Limitations and Criticisms
The valuable capacity of the human
mind to simplify a complex situation
in a compact characterization
becomes dangerous when not
controlled in terms of definitely stated
criteria
1
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Gross domestic product - Limitations and Criticisms
1
All these qualifications upon estimates
of national income as an index of
productivity are just as important when
income measurements are interpreted
from the point of view of economic
welfare
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Limitations and Criticisms
1
Distinctions must be kept in mind between
quantity and quality of growth, between
costs and returns, and between the short
and long run. Goals for more growth
should specify more growth of what and
for what.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Limitations and Criticisms
Austrian School economist Frank
Shostak has argued that GDP is an
empty abstraction devoid of any link
to the real world, and, therefore, has
little or no value in economic analysis.
Says Shostak:
1
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Gross domestic product - Limitations and Criticisms
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
1
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Gross domestic product - Limitations and Criticisms
So what are we to make out of the
periodical pronouncements that the
economy, as depicted by real GDP,
grew by a particular percentage? All
we can say is that this percentage has
nothing to do with real economic
growth and that it most likely mirrors
the pace of monetary pumping. We can
thus conclude that the GDP
framework is an empty abstraction
1
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Gross domestic product - Limitations and Criticisms
1
Many environmentalists argue that GDP
is a poor measure of social progress
because it does not take into account
harm to the environment.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Limitations and Criticisms
1
In 1989 Herman Daly and John B. Cobb
developed the Index of Sustainable
Economic Welfare (ISEW), which they
proposed as a more valid measure of
socio-economic progress, by taking
into account various other factors
such as consumption of nonrenewable resources and degradation
of the environment.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Limitations and Criticisms
India and China have the largest
population in the world and hence has
the greatest potential in productivity
due to the fact that the value of a
product is measured as the value of
service that can be obtained by the
holder in exchange for that product. (
Units per man hour)
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Lists of countries by their GDP
1
List of countries by GDP
(nominal), (per capita)
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Gross domestic product - Lists of countries by their GDP
1
List of countries by GDP
(PPP), (per capita), (per
hour)
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Lists of countries by their GDP
List of countries by
GDP (real) growth rate,
(per capita)
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Lists of countries by their GDP
List of countries by future
GDP estimates (PPP), (per
capita), (nominal)
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of
(economic) progress
1
Human development index (HDI) – up until
2009 report HDI used GDP as a part of its
calculation and then factors in indicators of
life expectancy and education levels. In
2010 the GDP component has been
replaced with GNI.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of
(economic) progress
1
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.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of (economic)
progress
1
Gross national happiness (GNH) – GNH
measures quality of life or social
progress in more holistic and
psychological terms than GDP.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of
(economic) progress
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.
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of
(economic) progress
1
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)
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of
(economic) progress
Happy Planet Index – The happy planet
index (HPI) is an index of human wellbeing 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. Human well-being is
defined in terms of subjective life
satisfaction and life expectancy while
1
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Gross domestic product - List of newer approaches to the measurement of
(economic) progress
1
OECD Better Life Index - The better lives
compendium of indicators produced in
2011 reflects some 10 years by the
organisation to develop a wider of set of
indicators more closely attuned to the
measurement of wellbeing or welfare
outcomes
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of
(economic) progress
Composite Wealth Indicators –
Namely yearly material wealth (an
amended version of GNI to include
depletion of natural resources and the
costs of pollution), biological wealth
(measured through life expectancy)
and thus expected material wealth (or
physical wealth), a linear combination
of biological and yearly material
wealth (the amount of material wealth
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - List of newer approaches to the measurement of
(economic) progress
used Google Trends data to
demonstrate that Internet users from
countries with a higher per capita
gross domestic product (GDP) are
more likely to search for information
about the future than information
about the past
1
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Gross domestic product - List of newer approaches to the measurement of
(economic) progress
1
World Governance Index - Basing their
work on the United Nations Millennium
Declaration, which was the subject of
unprecedented U.N
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Bibliography
1
Australian Bureau for Statistics, Australian
National Accounts: Concepts, Sources and
Methods, 2000. Retrieved November
2009. In depth explanations of how GDP
and other national accounts items are
determined.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Bibliography
1
United States Department of Commerce,
Bureau of Economic Analysis, Concepts
and Methods of the United States National
Income and Product Accounts PDF.
Retrieved November 2009. In depth
explanations of how GDP and other
national accounts items are determined.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Global
1
Australian Bureau of
Statistics Manual on
GDP measurement
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Data
1
Thermal Maps of the World Nominal GDP in US$
purchasing power parity from the EIU 2007–2010
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Gross domestic product - Data
Bureau of Economic
Analysis: Official United
States GDP data
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Data
1
Historicalstatistics.org: Links to historical
statistics on GDP for different countries
and regions, maintained by the
Department of Economic History at
Stockholm University.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Data
1
Historical US GDP (yearly data), 1790–
present, maintained by Samuel H.
Williamson and Lawrence H. Officer,
both professors of economics at the
University of Illinois at Chicago.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Data
1
Historical US GDP
(quarterly data),
1947–present
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Data
1
Google – public data: GDP and Personal
Income of the U.S. (annual): Nominal Gross
Domestic Product
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Data
The Maddison Project of the Groningen
Growth and Development Centre at the
University of Groningen, the Netherlands.
This project continues and extends the
work of Angus Maddison in collating all the
available, credible data estimating GDP for
different countries around the world. This
includes data for some countries for over
2,000 years back to 1 CE and for
essentially all countries since 1950.
1
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Gross domestic product - Articles and books
1
Gross Domestic Product: An
Economy’s All, International
Monetary Fund.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Articles and books
Stiglitz JE, Sen A, Fitoussi J-P.
Mismeasuring our Lives: Why GDP
Doesn't Add Up, New Press, New York,
2010
1
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Gross domestic product - Articles and books
1
Whether output and CPI inflation are
mismeasured, by Nouriel Roubini and
David Backus, in Lectures in
Macroeconomics
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Articles and books
1
Rodney Edvinsson, Growth, Accumulation,
Crisis: With New Macroeconomic Data for
Sweden 1800–2000 PDF
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Gross domestic product - Articles and books
Clifford Cobb, Ted Halstead and
Jonathan Rowe. "If the GDP is up, why
is America down?" The Atlantic
Monthly, vol. 276, no. 4, October 1995,
pages 59–78
1
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Green gross domestic product
The 'green gross domestic product'
(green GDP) 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
1
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Green gross domestic product - Calculating Green GDP
Calculating green GDP requires that net
natural capital consumption, including
resource depletion, environmental
degradation, and protective and restorative
environmental initiatives, be subtracted from
traditional GDP.Joseph Stiglitz, Amartya Sen
and Jean-Paul Fitoussi, [http://www.stiglitzsenfitoussi.fr/documents/rapport_anglais.pdf
“Report by the Commission on the
Measurement of Economic Performance and
Social Progress”], “Commission on the
Measurement of Economic Performance and
Social Progress”, 2008 Some early
calculations of Green
GDP take into account
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
one or two, but not all environmental
1
Green gross domestic product - Rationale
1
The motivation for creating a Green GDP
originates from the inherent limitations of
GDP has as an indicator of economic
performance and social progress
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Green gross domestic product - Rationale
1
In particular, natural capital is poorly
represented in GDP; resources are not
adequately considered as economic
assets.[http://www.ihdp.unu.edu/arti
cle/read/iwr-policy Policy
Recommendations”], “International
Human Dimensions Programme on
Global Environmental Change”, 2012
Relative to their costs, companies and
policy makers also do not give
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - Rationale
The need for a more comprehensive
macroeconomic indicator is consistent with
the conception of sustainable development as
a desirable
phenomenon.[http://www.sesric.org/files/ar
ticle/52.pdf “Environmental Accounting for
Sustainable Growth and Development with
Special Reference to a System of Integrated
Environmental and Economic Accounting
(SEEA): The Indonesian Experience”],
“Statistical, Economic and Social Research
and Training Centre for Islamic Countries”
GDP is mistakenly appropriated as a primary
indicator of well-being, and as a result, it is
used heavily in the
analysis of political and
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
economic policy
1
Green gross domestic product - History
1
Many economists, scientists and other
scholars have theorized about
adjusting macroeconomic indicators
to account for environmental change
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
In 1972, William Nordhaus and James
Tobin introduced the first model to
measure the annual real consumption of
households, called the Measure of
Economic Welfare (MEW).William
Nordhaus and James Tobin,
[http://www.nber.org/chapters/c7620.pdf
“Is Growth Obsolete?”], National Bureau of
Economic Research, 1972 MEW adjusts
GDP to include the value of leisure time,
1
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Green gross domestic product - History
1
Repetto further explored the impact that
the failure of resource-based economies to
account for the depreciation of their
natural capital could have, especially by
distorting evaluations of macroeconomic
relationships and performance.Jeroen van
den Bergh,
[http://books.google.ca/books?id=p6bwKk
M1GC8Cprintsec=frontcover#v=onepageq
f=false “Ecological Economics and
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
In their seminal report, Economic
Accounting for Sustainable Development,
Yusuf Ahmad, Salah El Serafy and Ernst
Lutz compiled papers from several UNEPWorld Bank sponsored workshops,
convened after 1983, on how to develop
environmental accounting as a public
policy tool.Edited by Yusuf J
1
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Green gross domestic product - History
In “Natural Resources, National
Accounting and Economic Depreciation,”
John Hartwick presents an accounting
methodology to find NNP inclusive of the
depletion of natural resource stock by
representing the use of natural resources
as “economic depreciation
magnitudes.”John Hartwick,
[http://qed.econ.queensu.ca/working_pape
rs/papers/qed_wp_771.pdf “Natural
1
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Green gross domestic product - History
This method of accounting, which
makes adjustments to the existing
national account indicators, found
traction in the System of Integrated
Economic and Environmental Accounts
(SEEA), published by the United
Nations as an appendix to the 1993
SNA.Joy Hecht,
[http://www.eolss.net/SampleChapters/C13/E1-21-03-04.pdf “The
1
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Green gross domestic product - History
Several reports and initiatives after
the SEEA-1993 have explored the
possibility of expanding or changing
the scope of environmentally-adjusted
macroeconomic indicators
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
1
In 1993, the Bureau of
Economic Analysis, the
official bookkeeper of
the U.S
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Green gross domestic product - History
1
Costanza et al
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
1
Kunte et al
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
Nature’s Numbers: Expanding the
National Economic Accounts to
Include the Environment, written by
William Nordhaus and Edward
Kokkelenberg and published in 1999,
examined whether or not to broaden
the U.S
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
1
In 2004, Wen Jiabao, the Chinese premier,
announced that the green Gross domestic
product|GDP index would replace the
Chinese GDP index itself as a
performance measure for government and
party officials at the highest levels
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
1
As an experiment in national accounting,
the Green GDP effort collapsed in failure
in 2007, when it became clear that the
adjustment for environmental damage had
reduced the growth rate to politically
unacceptable levels, nearly zero in some
provinces
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
Independent estimates of the cost to
China of environmental degradation
and resource depletion have for the last
decade ranged from 8 to 12 percentage
points of GDP growth.Economy,
Elizabeth (2007)
[http://www.pbs.org/kqed/chinainside/n
ature/greengdp.html Green GDP:
Accounting for the Environment in
China], China from the Inside, U.S.
1
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - History
1
The most promising national activity on the
Green GDP has been from India. The
country's environmental minister, Jairam
Ramesh, stated in 2009 that “It is possible for
scientists to estimate green GDP. An exercise
has started under the country’s chief
statistician Pronab Sen and by 2015, India’s
GDP numbers will be adjusted with economic
costs of environmental
degradation.http://www.financialexpress.com/
news/India-to-release--green-GDP--datafrom-2015/544338/
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - Organizations
The Global Reporting Initiative's
(GRI) core goals include the
mainstreaming of disclosure on
environmental, social and governance
performance
1
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Green gross domestic product - Current debate
Some critics of environmentally
adjusted aggregates, including GDP,
point out that it may be difficult to
assign values to some of the outputs
that are quantified
1
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Green gross domestic product - Current debate
1
Supporters of adjusted aggregates may
reply to this objection in one of two ways.
First, that as our technological capabilities
increase, more accurate methods of
valuation have been and will continue to
develop. Second, that while
measurements may not be perfect in the
cases of non-market natural assets, the
adjustments they entail are still a
preferable alternative to traditional GDP.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - Current debate
1
A second objection may be found in the
Report by the Commission on the
Measurement of Economic Performance
and Social Progress, when Stiglitz, Sen
and Fitoussi remark that:
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - Current debate
1
“there is a more fundamental problem
with green GDP, which also applies to
Nordhaus and Tobin’s SMEW and to
the ISEW/GNI indices. None of these
measures characterize sustainability
per se. Green GDP just charges GDP
for the depletion of or damage to
environmental resources. This is only
one part of the answer to the question
of sustainability.”
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Green gross domestic product - Current debate
1
In response to this, many advocates of
environmentally adjusting GDP point out
that while, in theory, a sustainability index
could be more comprehensive, it is not
likely to be considered with the same
significance as an adjusted GDP figure.
This is because GDP is the predominant
indicator used in macroeconomic policy
design and comparative analyses of wellbeing.
https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
Medellín - Gross domestic product
The Metropolitan Area of Medellín
contributes 67% of the total GDP of the
Department of Antioquia and 11% of the
economy of Colombia
1
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Medellín - Gross domestic product
The 2005 Report of the Economic
Colombian Review of Proexport and the
International Cooperation Agency of
Medellín concluded that Medellín was at
the same level of GDP contribution to the
national economy as cities like Panama
City|Panama in Panama, and San José de
Costa Rica.
1
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Gross value added - Relationship to gross domestic product
GVA is linked as a measurement to
gross domestic product (GDP), as both
are measures of Output
(economics)|output. The relationship
is defined as:
1
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Gross value added - Relationship to gross domestic product
:GVA + taxes on
products Subsidy|subsidies on
products = GDP
1
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Gross value added - Relationship to gross domestic product
As the total aggregates of taxes on
products and subsidies on products are
only available at whole economy level,
Gross value added is used for measuring
gross regional domestic product and other
measures of the output of entities smaller
than a whole economy. Restated,
1
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Gross value added - Relationship to gross domestic product
1
Over-simplistically, GVA is the grand
total of all revenues, from final sales
and (net) subsidies, which are
incomes into businesses. Those
incomes are then used to cover
expenses (wages salaries, dividends),
savings (profits, depreciation), and
(indirect) taxes.
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Division of international labor comparisons - Gross Domestic Product (GDP)
per capita and per hour
ILC’s produces internationally
comparable data on GDP per
capita|Gross Domestic Product per
Capita, Gross Domestic Product per
Hour, and related measures for 20
countries.[http://www.bls.gov/ilc/#g
dp International comparisons of GDP
per capita and per hour worked] at
bls.gov/ilc
1
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Division of international labor comparisons - Gross Domestic Product (GDP) per capita
and per hour
The data are adjusted to U.S. dollars
using purchasing power parities
(PPPs).ftp://ftp.bls.gov/pub/special.requ
ests/ForeignLabor/flsgdp.txt
1
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Financialization - Financial turnover compared to gross domestic product
Other financial markets exhibited
similarly explosive growth. Trading in
U.S. equity (stock) markets grew from
$136.0 billion or 13.1 percent of U.S.
GDP in 1970, to $1.671 trillion or 28.8
percent of U.S. GDP in 1990. In 2000,
trading in U.S. equity markets was
$14.222 trillion, or 144.9 percent of
GDP. Most of the growth in stock
trading has been directly attributed to
1
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Financialization - Financial turnover compared to gross domestic product
According to the
[http://www.bis.org/publ/qtrpdf/r_qt0703
b.pdf March 2007 Quarterly Report from
the Bank for International Settlements]
(see page 24.):
1
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Financialization - Financial turnover compared to gross domestic product
1
Trading on the international derivatives
exchanges slowed in the fourth quarter of
2006. Combined turnover of interest rate,
currency and stock index derivatives fell
by 7% to $431 trillion between October
and December 2006.
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Financialization - Financial turnover compared to gross domestic product
1
Thus, derivatives trading – mostly futures
contracts on interest rates, foreign
currencies, Treasury bonds, etc. had
reached a level of $1,200 trillion, $1.2
quadrillion, a year. By comparison, U.S.
GDP in 2006 was $12.456 trillion.
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List of Canadian provinces and territories by gross domestic product
1
This article lists 'Canadian provinces and
territories by gross domestic product
(GDP)'. As of 2011, Canada has a total
GDP of Canadian dollar|CAD$1.72 trillion
List of countries by GDP (nominal)|ranking
11th worldwide (down from 9th in 2010).
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List of Canadian provinces and territories by gross domestic product
While Provinces and Territories of
Canada|Canada’s ten provinces and three
territories exhibit high GDPs, there is wide
variation among them
1
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List of Canadian provinces and territories by gross domestic product
In the face of these long-term regional
disparities, the Canadian
federalism|Government of Canada
redistributes some of its revenues through
unconditional equalization payments and
finances the delivery of comparable levels
of government services through the
Canada Health Transfer and the Canada
Social Transfer.
1
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List of Canadian provinces and territories by gross domestic product - Gross domestic
product
A table of Canadian provinces and
territories by descending GDP (at
current prices and expenditure-based);
all figures are from Statistics Canada.
1
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List of Brazilian states by gross domestic product
Brazil produced, in 2012, a gross
domestic product (GDP) of Brazilian
real|R$ 4.403.000 million or United
States dollar|US$ 2.223.737 million in
nominal terms, ranking List of
countries by GDP (nominal)|7th
worldwide, and US$ 2.223.737 million
in Purchasing Power Parity (PPP)
terms, ranking List of countries by
GDP (PPP)|6th worldwide, according
1
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List of Brazilian states by gross domestic product
1
Brazil is formed by the union of 27 Units of
the Federation—States of Brazil|26 States
and the Federal District (Brazil)|Federal
District, which contains the capital city,
Brasília
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List of Brazilian states by gross domestic product - Listings
The listings are based on data from the
2007 Regional Accounts Report, published
by the Brazilian Institute of Geography and
Statistics (IBGE), in partnership with the
State Bodies of Statistics, State
Departments of Government and the
Superintendency of the Manaus Free
Zone (SUFRAMA)
1
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List of Pakistani provinces by gross domestic product
This is a 'list of Pakistani provinces' by
their 'gross state product' (GSP) (the value
of the total economy, and goods and
services produced in the respective
Provinces of Pakistan|province) in nominal
terms. GSP is the provincial-level
counterpart of the national gross domestic
product (GDP), the most comprehensive
measure of a country's economic activity.
1
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List of Pakistani provinces by gross domestic product - Background
Pakistan, as of 2009, had a gross
domestic product (GDP) of $166,545
billion. This value can be further divided
into the provincial levels (GSP), providing
an outlook of how much value each
province contributes to the national GDP.
1
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List of Pakistani provinces by gross domestic product - Background
1
Pakistan has traditionally followed a topdown approach in its analysis of economic
development; that is, authorities have
scarcely attempted to break up national
GDP statistics into provincial and
subnational units and have focused more
on the federation as a whole.
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List of Pakistani provinces by gross domestic product - Background
1
Thus, many accounts of provincial GDPs
that do exist have usually been projected
estimates made by economists, based on
the likely percentage of contribution of the
respective province to the national GDP
and some yearly
studies.[http://docs.google.com/viewer?a=
vq=cache:49e4WYMKgvUJ:www.creb.org.
pk/Attachments/WorkingPapers/Working_
Paper_Series_No._1https://store.theartofservice.com/the-gross-domestic-product-toolkit.html
List of Pakistani provinces by gross domestic product - Background
1
As of 2009, Punjab, Pakistan|Punjab had
the largest economy in Pakistan
(contributing 57% to Pakistan's GDP),
followed by Sindh (27.5%), Khyber
Pakhtunkhwa (8%) and Balochistan,
Pakistan|Balochistan (3%) respectively.
Islamabad, the capital entity, contributes
about 1%; while data for FATA is
unreliable, according to economist Shahid
Javed Burki, its gross state product is
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List of Pakistani provinces by gross domestic product - Background
1
Figures for Kashmir (including Azad
Kashmir and Gilgit-Baltistan) on the
other hand are unavailable and not
released as part of provincial
estimates.
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List of Pakistani provinces by gross domestic product - Background
1
Punjab, which is the largest province in
terms of population, dominates other
provinces in contributing to the national
economy
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Economic theory - Gross Domestic Product (GDP) or Economic Growth
1
Gross Domestic product means the
total value of goods produced and
services provided in a country in a
year. GDP is customarily reported on
annual basis.
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Economy of Canada - Gross Domestic Product (GDP)
The OECD provides data for example
comparing labour productivity levels in the
total economy of each member nation. In
their 2011 report Canada's Gross
Domestic Product (GDP) was $CDN
1,720,748 million.
1
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Real gross domestic product
1
'Real Gross Domestic Product' (real
GDP) is a macroeconomic measure of
the value of economic output
(economics)|output adjusted for price
changes (i.e., inflation
(economics)|inflation or
deflation).[http://www.investopedia.c
om/terms/r/realgdp.asp
Investopedia] This adjustment
transforms the money-value measure,
nominal GDP, into an Index
(economics)|index for quantity of
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Real gross domestic product - Relationship with purchasing power
1
Since THOOTTreal GDP is adjusted for
inflation throughout the year, it can be
thought of in terms of purchasing
power. As a result, individual
purchasing power can be measured by
real GDP per capita, i.e., real GDP
divided by the size of the population.
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Economy of Thailand - Gross domestic product (GDP)
1
Below is a table showing the trend of Thai gross
domestic product (GDP) from 1980 to 2012:
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Economy of Thailand - Gross domestic product (GDP)
1
Source: With the exception of the 2012
data, all data above are from the IMF's
World Economic Outlook Database
(April 2013).
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Economy of Thailand - Gross domestic product (GDP)
Over the past 32 years,
the economy of Thailand
has expanded
1
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Economy of Algeria - Gross domestic product (GDP)
1
In 2007 Algeria’s estimated GDP was
US$125.9 billion according to the
official exchange rate. Using
purchasing power parity, estimated
GDP was US$268.9 billion, or US$8,100
on a per capita basis. The estimated
real growth rate was 4.6 percent. In
2007 industry accounted for 61 percent
of GDP, services constituted 31
percent, and agriculture provided the
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Economy of Algeria - Gross domestic product (GDP)
1
The country has enjoyed several years of
strong economic performance, with solid
non-hydrocarbon growth, low inflation, an
overall budget surplus of 8percent of GDP
and a positive trade balance of 28 percent
of GDP in 2008
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Economy of Kenya - Gross domestic product
1
In 2006 Kenya's gross domestic
product (GDP) was about
US$17.39 billion
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Accounting identity - Gross domestic product
1
The basic equation for gross domestic
product is also an identity, and is
sometimes referred to as the 'National
Income Identity':Macroeconomics,
Auerbach and Kotlikoff, pp. 122-23,
1998
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Accounting identity - Gross domestic product
: GDP = consumption
(economics)|consumption + Investment#In
economics or macroeconomics|investment
+ government spending + (exports −
International trade|imports).
1
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Accounting identity - Gross domestic product
This identity holds because investment
refers to the sum of intended and
unintended investment, the latter being
unintended accumulations of inventories;
unintended inventory accumulation
necessarily equals output produced (GDP)
minus intended uses of that
outputmdash;consumption, intended
investment in machinery, inventories, etc.,
government spending, and net exports.
1
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National income - Gross domestic product and gross national product
1
Gross domestic product (GDP) is defined
as the value of all final goods and services
produced in a country in 1 year.Australian
Council of Trade Unions, APHEDA,
[http://www.apheda.org.au/campaigns/bur
ma_schools_kit/resources/1074040257_1
6812.html Glosssary], accessed
November 2009.
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National income - Gross domestic product and gross national product
1
Gross National Product (GNP) is defined
as the market value of all goods and
services produced in one year by labour
and property supplied by the residents of a
country.United States, of the United
States], p 5; retrieved November 2009.
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National income - Gross domestic product and gross national product
As an example, the table below shows
some GDP and GNP, and NNI data for the
United States:U.S Federal Reserve,
[http://www.federalreserve.gov/Releases/Z
1/ the link] appears to be dead as of late
2009
1
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National income - Gross domestic product and gross national product
1
*'NDP': Net domestic product is defined as
gross domestic product (GDP) minus
depreciation of
capital,[http://450.aers.psu.edu/glossary_s
earch.cfm?letter=n Penn State Glossary]
similar to NNP.
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National income - Gross domestic product and gross national product
1
* 'GDP per capita': Gross domestic
product per capita is the mean value
of the output produced per person,
which is also the mean income.
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Castilla-La Mancha - Gross domestic product
1
Castilla–La Mancha generates a GDP of
€33,077,484,000, 3.4 percent of the
Spanish GDP, placing it ninth among the
19 Spanish autonomous communities
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Castilla-La Mancha - Gross domestic product
In 2005 the
Manchego GDP
broke down by
productive sectors as
follows:
1
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Medellín - Gross domestic product
The Metropolitan Area of Medellín
contributes 67% of the total GDP of the
Department of Antioquia and 11% of the
economy of Colombia
1
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Gross domestic product per capita
There are two articles listing
countries according to their per
capita GDP:
1
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Gross domestic product per capita
1
*List of countries by GDP (nominal) per
capita – GDP at market or government
official exchange rates per inhabitant
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Gross domestic product per capita
*List of countries by GDP (PPP) per
capita – GDP calculated at purchasing
power parity (PPP) exchange rates per
inhabitant
1
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Economy of Eritrea - Gross domestic product (GDP)
1
Eritrea's GDP, estimated at $4.037 billion in
2011, is 8.7 percent above the GDP in 2010
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