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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.

Efforts to Protect US Intensify Amid Global Shift From Dollar
Posted inNational News

Efforts to Protect US Intensify Amid Global Shift From Dollar

Avatarby USNN2020August 23, 2023January 7, 2025
Wall Street Opens Higher With Focus on Nvidia's High-Stakes Results
Posted inEconomy

Wall Street Opens Higher With Focus on Nvidia’s High-Stakes Results

Avatarby USNN2020August 23, 2023August 23, 2023
Creation of BRICS Currency to Rival US Dollar Is ‘Inevitable,’ Analysts Say
Posted inWorld

Creation of BRICS Currency to Rival US Dollar Is ‘Inevitable,’ Analysts Say

Avatarby USNN2020August 22, 2023February 10, 2024
How Major US Stock Indexes Fared Aug. 21
Posted inEconomy

How Major US Stock Indexes Fared Aug. 21

Avatarby USNN2020August 21, 2023August 21, 2023
We’ve Entered the Doom Loop of Deficit–Debt–Inflation
Posted inEconomy

We’ve Entered the Doom Loop of Deficit–Debt–Inflation

Avatarby USNN2020August 17, 2023August 17, 2023
American Gas Prices Hit Their Highest Level Since Last October
Posted inEconomy

American Gas Prices Hit Their Highest Level Since Last October

Avatarby USNN2020August 15, 2023August 15, 2023
New Banking Regulations Could Sink the Economy
Posted inOpinion

New Banking Regulations Could Sink the Economy

Avatarby USNN2020August 14, 2023August 14, 2023
The US Is Still Vexed by High Inflation
Posted inEconomy

The US Is Still Vexed by High Inflation

Avatarby USNN2020August 14, 2023December 29, 2024
US Annual Inflation Marks First Increase in a Year as Energy, Shelter Climb
Posted inEconomy

US Annual Inflation Marks First Increase in a Year as Energy, Shelter Climb

Avatarby USNN2020August 10, 2023June 13, 2025
Moody's Downgrades Credit Ratings of Regional US Banks, Could Cut Others
Posted inEconomy

Moody’s Downgrades Credit Ratings of Regional US Banks, Could Cut Others

Avatarby USNN2020August 8, 2023August 8, 2023
Markets on Guard for US, China Inflation Risk
Posted inWorld

Markets on Guard for US, China Inflation Risk

Avatarby USNN2020August 7, 2023August 7, 2023
Former Treasury Secretary Warns Inflation Could Resurge
Posted inEconomy

Former Treasury Secretary Warns Inflation Could Resurge

Avatarby USNN2020August 6, 2023March 14, 2025

Posts pagination

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NATIONAL NEWS

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