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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.

Markets Recover as Earnings Continue to Dazzle
Posted inEconomy

Markets Recover as Earnings Continue to Dazzle

USNN World Newsby USNN World NewsAugust 21, 2024August 21, 2024
Fast-Food Restaurants Fight to Keep Customers as Food and Wage Costs Spike
Posted inEconomy

Fast-Food Restaurants Fight to Keep Customers as Food and Wage Costs Spike

USNN World Newsby USNN World NewsAugust 20, 2024May 14, 2025
Record 8.5 Percent of American Homes Now Cost at Least $1 Million
Posted inEconomy

Record 8.5 Percent of American Homes Now Cost at Least $1 Million

USNN World Newsby USNN World NewsAugust 18, 2024February 15, 2025
Walmart Raises Fiscal Year 2025 Outlook as Inflation Slows, Consumer Demand Steadies
Posted inEconomy

Walmart Raises Fiscal Year 2025 Outlook as Inflation Slows, Consumer Demand Steadies

USNN World Newsby USNN World NewsAugust 18, 2024September 8, 2024
Debt: The Great Reckoning
Posted inEconomy

Debt: The Great Reckoning

USNN World Newsby USNN World NewsAugust 16, 2024August 16, 2024
Key US Manufacturing Gauges Contract in August, Signal Broader Industry Slowdown
Posted inEconomy

Key US Manufacturing Gauges Contract in August, Signal Broader Industry Slowdown

USNN World Newsby USNN World NewsAugust 15, 2024February 18, 2025
Job Security Concerns Grow as Probability of Finding New Employment Dips
Posted inEconomy

Job Security Concerns Grow as Probability of Finding New Employment Dips

USNN World Newsby USNN World NewsAugust 12, 2024August 12, 2024
30-Year Mortgage Rates Fall to Lowest Level in Over a Year, Application Numbers Pick Up
Posted inEconomy

30-Year Mortgage Rates Fall to Lowest Level in Over a Year, Application Numbers Pick Up

USNN World Newsby USNN World NewsAugust 11, 2024December 5, 2024
Homebuyers Get Creative Amid Historically High Property Values
Posted inEconomy

Homebuyers Get Creative Amid Historically High Property Values

USNN World Newsby USNN World NewsAugust 9, 2024February 18, 2025
JPMorgan Chase CEO Jamie Dimon Warns He Stills Believes a US Recession Is Coming
Posted inEconomy

JPMorgan Chase CEO Jamie Dimon Warns He Stills Believes a US Recession Is Coming

USNN World Newsby USNN World NewsAugust 8, 2024August 8, 2024
Unemployment Rate Spike Triggers ‘Sahm Rule’ Indicator, Signaling Potential US Recession
Posted inEconomy

Unemployment Rate Spike Triggers ‘Sahm Rule’ Indicator, Signaling Potential US Recession

USNN World Newsby USNN World NewsAugust 8, 2024February 21, 2025
US Household Debt Surges to Record $17.8 Trillion
Posted inEconomy

US Household Debt Surges to Record $17.8 Trillion

USNN World Newsby USNN World NewsAugust 7, 2024January 4, 2025

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NATIONAL NEWS

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