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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.

Jobs Report Raises Alarm Over Falling Full-Time Employment, Expanding Government
Posted inEconomy

Jobs Report Raises Alarm Over Falling Full-Time Employment, Expanding Government

Avatarby USNN2020August 5, 2023February 24, 2025
US Labor Market Continues to Slow as Economy Adds 187,000 New Jobs
Posted inNational News

US Labor Market Continues to Slow as Economy Adds 187,000 New Jobs

Avatarby USNN2020August 4, 2023December 5, 2024
Fitch Downgrades US Credit Rating, Citing Erosion of Confidence in Fiscal Management
Posted inFinance

Fitch Downgrades US Credit Rating, Citing Erosion of Confidence in Fiscal Management

Avatarby USNN2020August 2, 2023August 2, 2023
Growing Number of US Banks Tightening Credit Standards for Businesses, Consumers
Posted inEconomy

Growing Number of US Banks Tightening Credit Standards for Businesses, Consumers: Fed

Avatarby USNN2020August 1, 2023February 18, 2025
Homebuyers Need to Earn 13 Percent More in 2022 to Afford Their First Home
Posted inEconomy

Homebuyers Need to Earn 13 Percent More in 2022 to Afford Their First Home

Avatarby USNN2020August 1, 2023February 21, 2025
Gas Prices Surge as Crude Oil Enjoys Best Month in a Year
Posted inEconomy

Gas Prices Surge as Crude Oil Enjoys Best Month in a Year

Avatarby USNN2020July 31, 2023December 29, 2024
Optimism About Inflation May Be Premature
Posted inEconomy

Optimism About Inflation May Be Premature

Avatarby USNN2020July 31, 2023July 31, 2023
Gas Prices Hit 8-Month High as Oil Prices Keep Rising
Posted inEconomy

Gas Prices Hit 8-Month High as Oil Prices Keep Rising

Avatarby USNN2020July 29, 2023July 29, 2023
Interest Rates Are High? Try Again
Posted inEconomy

Interest Rates Are High? Try Again

Avatarby USNN2020July 28, 2023December 29, 2024
Anheuser-Busch Announces Layoffs Amid Bud Light Boycott
Posted inBusiness

Anheuser-Busch Announces Layoffs Amid Bud Light Boycott

Avatarby USNN2020July 27, 2023December 29, 2024
Stock Market Today: Wall Street’s AI Frenzy and Strong Bank Profits Send Stocks Higher
Posted inEconomy

Stock Market Today: Wall Street’s AI Frenzy and Strong Bank Profits Send Stocks Higher

Avatarby USNN2020July 18, 2023July 18, 2023
Home Prices Hit Record High As Housing Supply Shortage Worsens
Posted inEconomy

Home Prices Hit Record High As Housing Supply Shortage Worsens

Avatarby USNN2020July 14, 2023December 29, 2024

Posts pagination

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NATIONAL NEWS

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