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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.

Your Living Standards Have Declined Dramatically
Posted inEconomy

Your Living Standards Have Declined Dramatically

Avatarby USNN2020January 24, 2023February 21, 2025
Leading US Economic Indicator Falls for 10th Straight Month, Suggesting Recession Soon
Posted inEconomy

Leading US Economic Indicator Falls for 10th Straight Month, Suggesting Recession Soon

Avatarby USNN2020January 24, 2023April 30, 2024
Goldman Misses Profit Estimates as Dealmaking, Asset Management Take a Hit
Posted inBusiness

Goldman Misses Profit Estimates as Dealmaking, Asset Management Take a Hit

Avatarby USNN2020January 17, 2023January 17, 2023
Economists Warn Americans Recession Is Coming: ‘Don’t Be Fooled’
Posted inEconomy

Economists Warn Americans Recession Is Coming: ‘Don’t Be Fooled’

Avatarby USNN2020January 16, 2023February 6, 2025
The White-Collar Recession
Posted inEconomy

The White-Collar Recession

Avatarby USNN2020January 12, 2023February 21, 2025
To Say That Inflation Is Fine Is an Illusion
Posted inEconomy

To Say That Inflation Is Fine Is an Illusion

Avatarby USNN2020January 12, 2023February 21, 2025
US Annual Inflation Rate Slows to 6.5 Percent, Food and Shelter Costs Add to Price Pressures
Posted inEconomy

US Annual Inflation Rate Slows to 6.5 Percent, Food and Shelter Costs Add to Price Pressures

Avatarby USNN2020January 12, 2023August 18, 2025
Americans’ Spending Expectations Fall Sharply in Warning Sign for Economy: New York Fed
Posted inEconomy

Americans’ Spending Expectations Fall Sharply in Warning Sign for Economy: New York Fed

Avatarby USNN2020January 9, 2023February 9, 2024
Faltering American Consumers
Posted inEconomy

Faltering American Consumers

Avatarby USNN2020January 6, 2023February 21, 2025
US Economy Added 223,000 New Jobs as Labor Market Continues to Slow
Posted inEconomy

US Economy Added 223,000 New Jobs as Labor Market Continues to Slow

Avatarby USNN2020January 6, 2023June 11, 2024
US Stock Market Suffers Worst Year Since 2008—Is More Pain Ahead in 2023?
Posted inEconomy

US Stock Market Suffers Worst Year Since 2008—Is More Pain Ahead in 2023?

Avatarby USNN2020January 1, 2023September 26, 2025
Ex-Treasury Secretary Sees Recession Coming and It Will Not Be Mild
Posted inEconomy

Ex-Treasury Secretary Sees Recession Coming and It Will Not Be Mild

Avatarby USNN2020December 17, 2022December 25, 2024

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NATIONAL NEWS

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