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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.

Biden Official a No-Show for Hearing on $200 Billion in Pandemic Relief Fraud
Posted inNational News

Biden Official a No-Show for Hearing on $200 Billion in Pandemic Relief Fraud

Avatarby USNN2020July 13, 2023February 21, 2025
Treasury Secretary Says US Recession ‘Not Completely Off the Table’
Posted inEconomy

Treasury Secretary Says US Recession ‘Not Completely Off the Table’

Avatarby USNN2020July 10, 2023December 29, 2024
Cost of Many Basic Grocery Items Has Increased 3 to 4 Times Inflation Rate
Posted inEconomy

Cost of Many Basic Grocery Items Has Increased 3 to 4 Times Inflation Rate: StatCan

Avatarby USNN2020July 6, 2023July 12, 2024
US Factory Order Data Flash Red Alert for Economy
Posted inEconomy

US Factory Order Data Flash Red Alert for Economy

Avatarby USNN2020July 5, 2023December 29, 2024
Oil Rises as Market Weighs Supply Cuts Against Gloomy Economic Outlook
Posted inEconomy

Oil Rises as Market Weighs Supply Cuts Against Gloomy Economic Outlook

Avatarby USNN2020July 4, 2023July 4, 2023
UPS Reaches Tentative Deal With Teamsters, Lowering Risk of Union Strike
Posted inBusiness

UPS Reaches Tentative Deal With Teamsters, Lowering Risk of Union Strike

Avatarby USNN2020July 3, 2023February 27, 2025
US Manufacturing Falls Deeper Into Recession as Economy Faces ‘Clear Challenges’
Posted inEconomy

US Manufacturing Falls Deeper Into Recession as Economy Faces ‘Clear Challenges’

Avatarby USNN2020July 3, 2023February 27, 2025
Consumer Spending Grows by Just 0.1 Percent in May, Inflation Remains High
Posted inEconomy

Consumer Spending Grows by Just 0.1 Percent in May, Inflation Remains High

Avatarby USNN2020July 1, 2023December 24, 2023
A Comparative Analysis of the United States Economy under Democrat and Republican Governance: A Focus on GDP, National Debt, and Inflation
Posted inOpinion

A Comparative Analysis of the United States Economy under Democrat and Republican Governance: A Focus on GDP, National Debt, and Inflation

Avatarby USNN2020June 28, 2023June 28, 2023
California’s Gas Is No Longer the Most Expensive in the US, Washington’s Now Pricier
Posted inEconomy

California’s Gas Is No Longer the Most Expensive in the US, Washington’s Now Pricier

Avatarby USNN2020June 25, 2023December 29, 2024
Financial Hardship Surges as Cost-of-Living Crisis Squeezes Workers
Posted inEconomy

Financial Hardship Surges as Cost-of-Living Crisis Squeezes Workers

Avatarby USNN2020June 20, 2023February 21, 2025
US Reinforces Status as a ‘Pacific Power’ After Interception by Chinese Warships
Posted inWorld

US Reinforces Status as a ‘Pacific Power’ After Interception by Chinese Warships

Avatarby USNN2020June 15, 2023February 24, 2025

Posts pagination

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NATIONAL NEWS

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