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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.

Unhappy New Year: CBO forecasts poor economy, soaring deficits in 2023
Posted inEconomy

Unhappy New Year: CBO forecasts poor economy, soaring deficits in 2023

Avatarby USNN2020December 13, 2022May 26, 2025
US Stock Market Soars After Inflation Data Cooler Than Expected
Posted inEconomy

US Stock Market Soars After Inflation Data Cooler Than Expected

Avatarby USNN2020December 13, 2022December 28, 2024
‘The Mother of All Economic Crises Looms,’ Warns Economist Nouriel Roubini
Posted inEconomy

‘The Mother of All Economic Crises Looms,’ Warns Economist Nouriel Roubini

Avatarby USNN2020December 6, 2022January 21, 2025
A Trump, DeSantis Ticket
Posted inNational News

A Trump, DeSantis Ticket

Avatarby USNN2020November 26, 2022November 26, 2022
OECD Warns of ‘Significant’ Economic Slowdown, Persistently High Inflation
Posted inEconomy

OECD Warns of ‘Significant’ Economic Slowdown, Persistently High Inflation

Avatarby USNN2020November 22, 2022February 26, 2025
American Consumer Sentiment Plunges While Inflation Expectations Rise
Posted inEconomy

American Consumer Sentiment Plunges While Inflation Expectations Rise

Avatarby USNN2020November 12, 2022May 16, 2024
Economist Dubbed ‘Dr. Doom’ Says We’re Back in Great Financial Crisis Territory but This Time It’s Worse
Posted inEconomy

Economist Dubbed ‘Dr. Doom’ Says We’re Back in Great Financial Crisis Territory but This Time It’s Worse

Avatarby USNN2020October 28, 2022February 8, 2025
Elon Musk Says a Global Recession Could Last Until Spring 2024, While Slamming the Fed for Hiking Rates
Posted inEconomy

Elon Musk Says a Global Recession Could Last Until Spring 2024, While Slamming the Fed for Hiking Rates

Avatarby USNN2020October 21, 2022February 27, 2025
Investor Optimism Drops to One of 60 Lowest Readings in History
Posted inEconomy

Investor Optimism Drops to One of 60 Lowest Readings in History

Avatarby USNN2020October 15, 2022April 22, 2024
Biden Claims Inflation Will Get Worse If Republicans Win Midterms as Prices Soar Under Democrat Control
Posted inEconomy

Biden Claims Inflation Will Get Worse If Republicans Win Midterms as Prices Soar Under Democrat Control

Avatarby USNN2020October 14, 2022January 21, 2025
Core Inflation Jumps to 40-Year High, Sending Fed Rate-Hike Bets Soaring
Posted inEconomy

Core Inflation Jumps to 40-Year High, Sending Fed Rate-Hike Bets Soaring

Avatarby USNN2020October 13, 2022February 26, 2025
Americans’ Spending Expectations Plummet, Fresh Warning Sign for the Economy
Posted inEconomy

Americans’ Spending Expectations Plummet, Fresh Warning Sign for the Economy

Avatarby USNN2020October 12, 2022April 30, 2024

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