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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.

Federal Reserve Keeps Interest Rates Unchanged, Leaves Door Open to More Rate Hikes
Posted inEconomy

Federal Reserve Keeps Interest Rates Unchanged, Leaves Door Open to More Rate Hikes

Avatarby USNN2020June 14, 2023December 27, 2023
‘Worsening’ Trade Could Adversely Affect US GDP as Deficit Jumps to Highest Level in Six Months
Posted inEconomy

‘Worsening’ Trade Could Adversely Affect US GDP as Deficit Jumps to Highest Level in Six Months

Avatarby USNN2020June 8, 2023June 8, 2023
Economy Is in ‘Precarious State’ as New Hazards Loom, Warns World Bank
Posted inEconomy

Economy Is in ‘Precarious State’ as New Hazards Loom, Warns World Bank

Avatarby USNN2020June 7, 2023June 7, 2023
Debt Ceiling Deal Unfreezes Student Loan Repayments, Here’s What Borrowers Should Know
Posted inEconomy

Debt Ceiling Deal Unfreezes Student Loan Repayments, Here’s What Borrowers Should Know

Avatarby USNN2020May 31, 2023June 3, 2023
IMF Warns of Prolonged High Interest Rates, Urges Fiscal Tightening to Tackle Inflation
Posted inFinance

IMF Warns of Prolonged High Interest Rates, Urges Fiscal Tightening to Tackle Inflation

Avatarby USNN2020May 27, 2023December 5, 2024
Federal Reserve’s Key Inflation Gauge Unexpectedly Comes in Hotter
Posted inEconomy

Federal Reserve’s Key Inflation Gauge Unexpectedly Comes in Hotter

Avatarby USNN2020May 26, 2023February 27, 2025
Dangerous Global Shift From Dollar Driven by CCP and US Policy, Experts Say
Posted inWorld

Dangerous Global Shift From Dollar Driven by CCP and US Policy, Experts Say

Avatarby USNN2020May 24, 2023February 21, 2025
One-Third of Americans ‘Worse Off Financially’ in 2022 Amid Inflation: Federal Reserve
Posted inEconomy

One-Third of Americans ‘Worse Off Financially’ in 2022 Amid Inflation: Federal Reserve

Avatarby USNN2020May 23, 2023June 16, 2025
Delinquency Rates Inching Higher as Inflation, Interest Rates Hit Consumers
Posted inEconomy

Delinquency Rates Inching Higher as Inflation, Interest Rates Hit Consumers

Avatarby USNN2020May 22, 2023May 11, 2025
California Could Lose Most Populous Status in 20 Years, Caltrans Predicts Population Decline Through 2050
Posted inEconomy

California Could Lose Most Populous Status in 20 Years, Caltrans Predicts Population Decline Through 2050

Avatarby USNN2020May 21, 2023February 21, 2025
US Inching Towards Recession as Leading Index Declines Again in April
Posted inEconomy

US Inching Towards Recession as Leading Index Declines Again in April

Avatarby USNN2020May 19, 2023February 27, 2025
Federal Reserve Officials Plan for Higher Rates as Inflation Threat Persists
Posted inEconomy

Federal Reserve Officials Plan for Higher Rates as Inflation Threat Persists

Avatarby USNN2020May 16, 2023January 4, 2025

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