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Tag: Gross Domestic Product (GDP)

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by countries. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living.

GDP definitions are maintained by a number of national and international economic organizations. The Organization for Economic Co-operation and Development (OECD) defines GDP as “an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)”. An IMF publication states that, “GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year).”

GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the “world’s most powerful statistical indicator of national development and progress”. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities, such as resource extraction, environmental impact and unpaid domestic work. Critics frequently propose alternative economic models such as doughnut economics which use other measures of success or alternative indicators such as the OECD’s Better Life Index as better approaches to measuring the effect of the economy on human development and well being.

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How to Maintain Financial Sanity Over the Holidays

USNN World Newsby USNN World NewsNovember 1, 2024November 1, 2024
Wave of New Performance Numbers Still Has Some Economists Unsure What’s Ahead for US Economy
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Consumer Confidence Surges Ahead of Election

USNN World Newsby USNN World NewsOctober 30, 2024October 30, 2024
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Posted inEconomy

US Job Openings Slide to Lowest Level Since January 2021

USNN World Newsby USNN World NewsOctober 29, 2024October 29, 2024
US Home Sales Poised for Worst Year Since 1995 as ‘Lock-in Effect’ Persists
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US Home Sales Poised for Worst Year Since 1995 as ‘Lock-in Effect’ Persists

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No Central Bank Wants to Stop Price Inflation
Posted inNational News

No Central Bank Wants to Stop Price Inflation

USNN World Newsby USNN World NewsOctober 27, 2024February 19, 2025
Spirit Airlines Announces Job Cuts, Aircraft Selloff Amid Financial Uncertainty
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Spirit Airlines Announces Job Cuts, Aircraft Selloff Amid Financial Uncertainty

USNN World Newsby USNN World NewsOctober 26, 2024October 26, 2024
US Home Prices Rise by ‘Fastest Pace’ Since April
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US Home Prices Rise by ‘Fastest Pace’ Since April

USNN World Newsby USNN World NewsOctober 23, 2024October 23, 2024
US Manufacturing Slump Continues Amid Economic Uncertainty
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US Manufacturing Slump Continues Amid Economic Uncertainty

USNN World Newsby USNN World NewsOctober 23, 2024December 5, 2024
P&G’s Sales Point to Easing of Inflation for Basic Consumer Goods
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P&G’s Sales Point to Easing of Inflation for Basic Consumer Goods

USNN World Newsby USNN World NewsOctober 21, 2024June 8, 2025
Oklahoma Bank Shut Down by Regulator in 2nd Bank Failure of the Year
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Stocks Close the Week Higher, Bonds Hold Steady on Mixed Earnings and Inflation Outlook
Posted inEconomy

Stocks Close the Week Higher, Bonds Hold Steady on Mixed Earnings and Inflation Outlook

USNN World Newsby USNN World NewsOctober 20, 2024October 20, 2024

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