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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.

US Could Already Be in Recession, Investment Adviser Warns
Posted inEconomy

US Could Already Be in Recession, Investment Adviser Warns

Avatarby USNN2020April 14, 2023May 26, 2025
Elon Musk Warns of ‘Tough Sledding’ Ahead for US Economy
Posted inEconomy

Elon Musk Warns of ‘Tough Sledding’ Ahead for US Economy

Avatarby USNN2020April 14, 2023February 27, 2025
After Reaching Record Levels, Egg Prices Drop Steeply in March as Price Gouging Allegations Linger
Posted inEconomy

After Reaching Record Levels, Egg Prices Drop Steeply in March as Price Gouging Allegations Linger

Avatarby USNN2020April 13, 2023April 13, 2023
Top Economist Warns Regulators Face ‘Mission Impossible’ Amid Inflation, Recession Risks
Posted inEconomy

Top Economist Warns Regulators Face ‘Mission Impossible’ Amid Inflation, Recession Risks

Avatarby USNN2020April 13, 2023April 13, 2023
Banking Turmoil Caused by SVB Mismanagement, Not Trump-Era Rollbacks: FDIC Official
Posted inNational News

Banking Turmoil Caused by SVB Mismanagement, Not Trump-Era Rollbacks: FDIC Official

Avatarby USNN2020April 13, 2023April 13, 2023
Baby Boomers Replace Millennials as Nation’s Top Home-Buying Generation
Posted inEconomy

Baby Boomers Replace Millennials as Nation’s Top Home-Buying Generation

Avatarby USNN2020April 11, 2023January 13, 2025
Online Grocery Prices up 10.3 Percent in March as Inflation Continues to Bite
Posted inEconomy

Online Grocery Prices up 10.3 Percent in March as Inflation Continues to Bite

Avatarby USNN2020April 11, 2023February 13, 2024
US Economy Adds 236,000 Jobs as Labor Market Slows in March
Posted inEconomy

US Economy Adds 236,000 Jobs as Labor Market Slows in March

Avatarby USNN2020April 7, 2023April 30, 2024
US Job Market Adds Less Jobs in March. The ADP National Employment Report uses payroll data of ADP’s client companies.
Posted inEconomy

US Job Market Adds Less Jobs in March: ADP Report

Avatarby USNN2020April 5, 2023April 5, 2023
US Manufacturing Slumps to Lowest Level in 3 Years
Posted inNational News

US Manufacturing Slumps to Lowest Level in 3 Years

Avatarby USNN2020April 3, 2023December 30, 2023
US Banks Lost Nearly $1 Trillion in Deposits Since Recent Peak
Posted inFinance

US Banks Lost Nearly $1 Trillion in Deposits Since Recent Peak

Avatarby USNN2020April 3, 2023February 27, 2025
Elon Musk Sounds Alarm About US Dollar: ‘Serious Issue’
Posted inEconomy

Elon Musk Sounds Alarm About US Dollar: ‘Serious Issue’

Avatarby USNN2020March 31, 2023February 27, 2025

Posts pagination

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NATIONAL NEWS

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