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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.

White House Vows to Veto House Republican’s Pro-Fossil Fuel Energy Package
Posted inEconomy

White House Vows to Veto House Republican’s Pro-Fossil Fuel Energy Package

Avatarby USNN2020March 27, 2023March 27, 2023
Millennials Dominate Insolvencies as Credit Card, Student Loan, CERB Tax Debts Add Up
Posted inEconomy

Millennials Dominate Insolvencies as Credit Card, Student Loan, CERB Tax Debts Add Up

Avatarby USNN2020March 26, 2023March 26, 2023
Billionaire Investor Warns Economy Heading for ‘Train Wreck’ After Fed’s Latest Move
Posted inEconomy

Billionaire Investor Warns Economy Heading for ‘Train Wreck’ After Fed’s Latest Move

Avatarby USNN2020March 25, 2023February 27, 2025
Shoppers Buying Groceries at Dollar Stores as Food Inflation Persists
Posted inEconomy

Shoppers Buying Groceries at Dollar Stores as Food Inflation Persists

Avatarby USNN2020March 23, 2023June 30, 2024
Investor Carl Icahn Issues Grim Warning on US Economy
Posted inEconomy

Investor Carl Icahn Issues Grim Warning on US Economy

Avatarby USNN2020March 17, 2023March 27, 2025
US Inflation Eases to 6 Percent, Lowest Level Since September 2021
Posted inEconomy

US Inflation Eases to 6 Percent, Lowest Level Since September 2021

Avatarby USNN2020March 14, 2023February 27, 2025
Biden Budget Would Lead to Record National Debt: Watchdog
Posted inEconomy

Biden Budget Would Lead to Record National Debt: Watchdog

Avatarby USNN2020March 10, 2023January 22, 2025
US Economy Adds 311,000 New Jobs as Labor Growth Remains Strong
Posted inEconomy

US Economy Adds 311,000 New Jobs as Labor Growth Remains Strong

Avatarby USNN2020March 10, 2023June 11, 2024
Trump Tells CPAC Expect Action, Innovation, End of ‘Wokeness’ in His 2nd Term
Posted inNational News

Trump Tells CPAC: Expect Action, Innovation, End of ‘Wokeness’ in His 2nd Term

Avatarby USNN2020March 6, 2023February 27, 2024
Biden Wants His Record Out There as 2024 Approaches
Posted inNational News

Biden Wants His Record Out There as 2024 Approaches

Avatarby USNN2020March 2, 2023February 18, 2025
‘Large Drops’ in American Consumer Confidence as Recession Signal Strengthens
Posted inEconomy

‘Large Drops’ in American Consumer Confidence as Recession Signal Strengthens

Avatarby USNN2020March 1, 2023April 30, 2024
2023 Tech Layoffs on Pace to Surpass Last Year’s by 300 Percent
Posted inBusiness

2023 Tech Layoffs on Pace to Surpass Last Year’s by 300 Percent

Avatarby USNN2020February 26, 2023February 27, 2025

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NATIONAL NEWS

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