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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.

Yellen Says US Economy Remains Solid, Predicts No ‘Meaningful Layoffs’
Posted inEconomy

Yellen Says US Economy Remains Solid, Predicts No ‘Meaningful Layoffs’

USNN World Newsby USNN World NewsSeptember 9, 2024January 14, 2025
Inflation and Price Gouging: A Hidden Tax on the American Household
Posted inOpinion

Inflation and Price Gouging: A Hidden Tax on the American Household

USNN World Newsby USNN World NewsSeptember 7, 2024September 7, 2024
US Labor Market Cools in August With Only 142,000 New Jobs
Posted inEconomy

US Labor Market Cools in August With Only 142,000 New Jobs

USNN World Newsby USNN World NewsSeptember 6, 2024July 4, 2025
Jobless Claims Decline, but August Layoffs Soar to Historic Levels as Economic Worries Grow
Posted inEconomy

Jobless Claims Decline, but August Layoffs Soar to Historic Levels as Economic Worries Grow

USNN World Newsby USNN World NewsSeptember 5, 2024December 5, 2024
Americans Expect Inflation to Stay Elevated Over the Long Term
Posted inEconomy

Americans Expect Inflation to Stay Elevated Over the Long Term

USNN World Newsby USNN World NewsSeptember 2, 2024September 2, 2024
US Pending Home Sales Index Hits Lowest Level Ever
Posted inEconomy

US Pending Home Sales Index Hits Lowest Level Ever

USNN World Newsby USNN World NewsSeptember 1, 2024February 9, 2025
Fed’s Preferred Inflation Gauge Holds Steady, Cementing Expected September Rate Cut
Posted inEconomy

Fed’s Preferred Inflation Gauge Holds Steady, Cementing Expected September Rate Cut

USNN World Newsby USNN World NewsAugust 30, 2024February 24, 2025
How the Job Market Is Faring as Fed Shifts Focus to Employment
Posted inEconomy

How the Job Market Is Faring as Fed Shifts Focus to Employment

USNN World Newsby USNN World NewsAugust 29, 2024February 21, 2025
Foot Locker Moves Headquarters From New York to Florida
Posted inBusiness

Foot Locker Moves Headquarters From New York to Florida

USNN World Newsby USNN World NewsAugust 29, 2024August 29, 2024
The Brunt of a Bad Economy: How America’s Dogs and Cats are Paying the Price
Posted inEconomy

The Brunt of a Bad Economy: How America’s Dogs and Cats are Paying the Price

USNN World Newsby USNN World NewsAugust 28, 2024August 27, 2025
Federal Reserve Gears Up for a Rate Cut—What This Means for Your Money
Posted inEconomy

Federal Reserve Gears Up for a Rate Cut—What This Means for Your Money

USNN World Newsby USNN World NewsAugust 27, 2024August 27, 2024
US Chamber Asks Congress to Avoid Pushing Up Corporate Taxes From 21 Percent
Posted inBusiness

US Chamber Asks Congress to Avoid Pushing Up Corporate Taxes From 21 Percent

USNN World Newsby USNN World NewsAugust 27, 2024September 27, 2025

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