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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.

Social Security Recipients to Get 2.5 Percent Cost-of-Living Boost in 2025
Posted inNational News

Social Security Recipients to Get 2.5 Percent Cost-of-Living Boost in 2025

USNN World Newsby USNN World NewsOctober 12, 2024July 4, 2025
China Tariffs Are Necessary for National and Economic Security
Posted inEconomy

China Tariffs Are Necessary for National and Economic Security

USNN World Newsby USNN World NewsOctober 11, 2024June 13, 2025
Inflation Tops Market Estimates as Food, Shelter Costs Rise in September
Posted inEconomy

Inflation Tops Market Estimates as Food, Shelter Costs Rise in September

USNN World Newsby USNN World NewsOctober 10, 2024October 10, 2024
US Building Industry Struggling to Fill Available Skilled Worker Positions
Posted inEconomy

US Building Industry Struggling to Fill Available Skilled Worker Positions

USNN World Newsby USNN World NewsOctober 9, 2024September 30, 2025
US Trade Deficit Falls to 5-Month Low as Exports Rise to Record High
Posted inEconomy

US Trade Deficit Falls to 5-Month Low as Exports Rise to Record High

USNN World Newsby USNN World NewsOctober 8, 2024October 8, 2024
Weekly Jobless Claims Inch Higher as Economy Braces for Hurricane Helene, Port Strike Fallout
Posted inEconomy

Weekly Jobless Claims Inch Higher as Economy Braces for Hurricane Helene, Port Strike Fallout

USNN World Newsby USNN World NewsOctober 7, 2024March 5, 2025
The Real State of the U.S. Economy: Unemployment Figures Twice as High Under Biden-Harris Administration
Posted inEconomy

The Real State of the U.S. Economy: Unemployment Figures Twice as High Under Biden-Harris Administration

USNN World Newsby USNN World NewsOctober 5, 2024October 5, 2024
US Oil Posts Biggest Weekly Gain in 2 Years Amid Middle East Tensions
Posted inEconomy

US Oil Posts Biggest Weekly Gain in 2 Years Amid Middle East Tensions

USNN World Newsby USNN World NewsOctober 5, 2024October 5, 2024
Fixing America Overnight: Warren Buffet’s Radical Solution to Economic Stagnation
Posted inOpinion

Fixing America Overnight: Warren Buffet’s Radical Solution to Economic Stagnation

USNN World Newsby USNN World NewsOctober 4, 2024October 4, 2024
Factory Orders Decline in August as Manufacturing Woes Deepen
Posted inEconomy

Factory Orders Decline in August as Manufacturing Woes Deepen

USNN World Newsby USNN World NewsOctober 4, 2024October 4, 2024
A Long Dockworker Strike May Bring More Pain to Consumers at the Grocery Store
Posted inNational News

A Long Dockworker Strike May Bring More Pain to Consumers at the Grocery Store

USNN World Newsby USNN World NewsOctober 3, 2024October 3, 2025
US Layoffs Up 53 Percent in September From Previous Year
Posted inEconomy

US Layoffs Up 53 Percent in September From Previous Year

USNN World Newsby USNN World NewsOctober 3, 2024October 3, 2024

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NATIONAL NEWS

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