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• Gross Domestic Product https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product 1 Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product 1 GDP per capita is not a measure of personal income (See Standard of living and GDP). Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita (See Gross domestic income). https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product 1 GDP is related to national accounts, a subject in macroeconomics. GDP is not to be confused with gross national product (GNP) which allocates production based on ownership. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - History GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare (see below under limitations and criticisms). After the Bretton Woods conference in 1944, GDP became the main tool for measuring a country's economy. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP 1 GDP can be determined in three ways, all of which should, in principle, give the same result. They are the product (or output) approach, the income approach, and the expenditure approach. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP 1 The most direct of the three is the product approach, which sums the outputs of every class of enterprise to arrive at the total https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP Example: the expenditure method: 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP 1 GDP = private consumption + gross investment + government spending + (exports − imports), or https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP 1 Note: "Gross" means that GDP measures production regardless of the various uses to which that production can be put https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP 1 Economists (since Keynes) have preferred to split the general consumption term into two parts; private consumption, and public sector (or government) spending. Two advantages of dividing total consumption this way in theoretical macroeconomics are: https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP Private consumption is a central concern of welfare economics. The private investment and trade portions of the economy are ultimately directed (in mainstream economic models) to increases in long-term private consumption. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Determining GDP 1 If separated from endogenous private consumption, government consumption can be treated as exogenous, so that different government spending levels can be considered within a meaningful macroeconomic framework. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 " Market value of all final goods and services calculated during 1 year . " The production approach is also called Net Product or Value added method. This method consists of three stages: https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 Estimating the Gross Value of domestic Output out of the many various economic activities; https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach Determining the intermediate consumption, i.e., the cost of material, supplies and services used to produce final goods or services; and finally 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 Deducting intermediate consumption from Gross Value to obtain the Net Value of Domestic Output. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 Net Value Added = Gross Value of output – Value of Intermediate Consumption. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 Value of Output = Value of the total sales of goods and services + Value of changes in the inventories. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach The sum of Net Value Added in various economic activities is known as GDP at factor cost. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 GDP at factor cost plus indirect taxes less subsidies on products is GDP at Producer Price. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 For measuring gross output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the gross output of each sector is calculated by any of the following two methods: https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach 1 By multiplying the output of each sector by their respective market price and adding them together and https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Production approach Subtracting each sector's intermediate consumption from gross output, we get sectoral Gross Value Added (GVA) at factor cost. We, then add gross value of all sectors to get GDP at factor cost. Adding indirect tax minus subsidies in GDP at factor cost, we get GDP at Producer Prices'. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach " [S]um total of incomes of individuals living in a country during 1 year ." 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 Another way of measuring GDP is to measure total income. If GDP is calculated this way it is sometimes called Gross Domestic Income (GDI), or GDP(I). GDI should provide the same amount as the expenditure method described below. (By definition, GDI = GDP. In practice, however, measurement errors will make the two figures slightly off when https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 This method measures GDP by adding incomes that firms pay households for factors of production they hire- wages for labour, interest for capital, rent for land and profits for entrepreneurship. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach The US "National Income and Expenditure Accounts" divide incomes into five categories: 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 Wages, salaries, and supplementary labour income https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach Interest and miscellaneous investment income 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 Income from non-farm unincorporated businesses https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach These five income components sum to net domestic income at factor cost. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 Indirect taxes minus subsidies are added to get from factor cost to market prices. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 Depreciation (or Capital Consumption Allowance) is added to get from net domestic product to gross domestic product. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by the income approach. A common one is: https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 GDP = compensation of employees + gross operating surplus + gross mixed income + taxes less subsidies on production and imports https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach Compensation of employees (COE) measures the total remuneration to employees for work done. It includes wages and salaries, as well as employer contributions to social security and other such programs. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach Gross operating surplus (GOS) is the surplus due to owners of incorporated businesses. Often called profits, although only a subset of total costs are subtracted from gross output to calculate GOS. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach Gross mixed income (GMI) is the same measure as GOS, but for unincorporated businesses. This often includes most small businesses. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 The sum of COE, GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 Yet another formula for GDP by the income method is: https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Income approach 1 SA : statistical adjustments (corporate income taxes, dividends, undistributed corporate profits) https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Expenditure approach 1 In economics, most things produced are produced for sale, and sold https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure GDP (Y) is a sum of Consumption (C), Investment (I), Government Spending (G) and Net Exports (X – M). 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 C (consumption) is normally the largest GDP component in the economy, consisting of private (household final consumption expenditure) in the economy. These personal expenditures fall under one of the following categories: durable goods, non-durable goods, and services. Examples include food, rent, jewelry, gasoline, and medical expenses but does not include https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 I (investment) includes, for instance, business investment in equipment, but does not include exchanges of existing assets https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 G (government spending) is the sum of government expenditures on final goods and services. It includes salaries of public servants, purchase of weapons for the military, and any investment expenditure by a government. It does not include any transfer payments, such as social security or unemployment benefits. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 X (exports) represents gross exports. GDP captures the amount a country produces, including goods and services produced for other nations' consumption, therefore exports are added. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 M (imports) represents gross imports. Imports are subtracted since imported goods will be included in the terms G, I, or C, and must be deducted to avoid counting foreign supply as domestic. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure A fully equivalent definition is that GDP (Y) is the sum of final consumption expenditure (FCE), gross capital formation (GCF), and net exports (X – M). 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 FCE can then be further broken down by three sectors (households, governments and non-profit institutions serving households) and GCF by five sectors (non-financial corporations, financial corporations, households, governments and nonprofit institutions serving households) https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 Note that C, G, and I are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within the accounting year. ) https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Components of GDP by expenditure 1 According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general, the source data for the expenditures components are considered more reliable than those for the income components [see income method, below]." https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 C, I, G, and NX(net exports): If a person spends money to renovate a hotel to increase occupancy rates, the spending represents private investment, but if he buys shares in a consortium to execute the renovation, it is saving. The former is included when measuring GDP (in I), the latter is not. However, when the consortium conducted its own expenditure on renovation, that expenditure would be https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 If a hotel is a private home, spending for renovation would be measured as consumption, but if a government agency converts the hotel into an office for civil servants, the spending would be included in the public sector spending, or G. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables If the renovation involves the purchase of a chandelier from abroad, that spending would be counted as C, G, or I (depending on whether a private individual, the government, or a business is doing the renovation), but then counted again as an import and subtracted from the GDP so that GDP counts only goods produced within the country. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 If a domestic producer is paid to make the chandelier for a foreign hotel, the payment would not be counted as C, G, or I, but would be counted as an export. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 A "production boundary" delimits what will be counted as GDP. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables "One of the fundamental questions that must be addressed in preparing the national economic accounts is how to define the production boundary– that is, what parts of the myriad human activities are to be included in or excluded from the measure of the economic production." 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 All output for market is at least in theory included within the boundary. Market output is defined as that which is sold for "economically significant" prices; economically significant prices are "prices which have a significant influence on the amounts producers are willing to supply and purchasers wish to buy." An exception is that illegal goods and services are often excluded even if they are sold at https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 This leaves non-market output https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables Within the limits so far described, the boundary is further constricted by "functional considerations." The Australian Bureau for Statistics explains this: "The national accounts are primarily constructed to assist governments and others to make market-based macroeconomic policy decisions, including analysis of markets and factors affecting market performance, such as inflation and 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 Nonmarket outputs that are included within the boundary are listed below. Since, by definition, they do not have a market price, the compilers of GDP must impute a value to them, usually either the cost of the goods and services used to produce them, or the value of a similar item that is sold on the market. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables Goods and services provided by governments and non-profit organizations free of charge or for economically insignificant prices are included 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 Goods and services produced for own-use by businesses are attempted to be included. An example of this kind of production would be a machine constructed by an engineering firm for use in its own plant. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 Renovations and upkeep by an individual to a home that she owns and occupies are included https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables 1 Agricultural production for consumption by oneself or one's household is included. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Examples of GDP component variables Services (such as chequeing-account maintenance and services to borrowers) provided by banks and other financial institutions without charge or for a fee that does not reflect their full value have a value imputed to them by the compilers and are included 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - GDP vs GNP 1 GDP can be contrasted with gross national product (GNP) or gross national income (GNI). The difference is that GDP defines its scope according to location, while GNP defines its scope according to ownership. In a global context, world GDP and world GNP are, therefore, equivalent terms. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - GDP vs GNP 1 GDP is product produced within a country's borders; GNP is product produced by enterprises owned by a country's citizens https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - GDP vs GNP To take the United States as an example, the U.S.'s GNP is the value of output produced by American-owned firms, regardless of where the firms are located 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - GDP vs GNP Gross national income (GNI) equals GDP plus income receipts from the rest of the world minus income payments to the rest of the world. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - GDP vs GNP 1 In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - International standards 1 The international standard for measuring GDP is contained in the book System of National Accounts (1993), which was prepared by representatives of the International Monetary Fund, European Union, Organization for Economic Cooperation and Development, United Nations and World Bank. The publication is normally referred to as SNA93 to distinguish it from the previous edition https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - International standards SNA93 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - National measurement 1 Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to the information required (especially information on expenditure and production by governments). https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - National measurement 1 National agencies responsible for GDP measurement https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Interest rates 1 Net interest expense is a transfer payment in all sectors except the financial sector. Net interest expenses in the financial sector are seen as production and value added and are added to GDP. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Nominal GDP and adjustments to GDP The raw GDP figure as given by the equations above is called the nominal, historical, or current, GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money – i.e., for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by the ratio between the value of money in the year the GDP was measured and the value of money in a base year. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Nominal GDP and adjustments to GDP 1 For example, suppose a country's GDP in 1990 was $100 million and its GDP in 2000 was $300 million https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Nominal GDP and adjustments to GDP The factor used to convert GDP from current to constant values in this way is called the GDP deflator. Unlike consumer price index, which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Nominal GDP and adjustments to GDP 1 Constant-GDP figures allow us to calculate a GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Nominal GDP and adjustments to GDP 1 Another thing that it may be desirable to account for is population growth. If a country's GDP doubled over a certain period, but its population tripled, the increase in GDP may not mean that the standard of living increased for the country's residents; the average person in the country is producing less than they were before. Per-capita GDP is a measure to https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP The level of GDP in different countries may be compared by converting their value in national currency according to either the current currency exchange rate, or the purchasing power parity exchange rate. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP 1 Current currency exchange rate is the exchange rate in the international foreign exchange market. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP 1 Purchasing power parity exchange rate is the exchange rate based on the purchasing power parity (PPP) of a currency relative to a selected standard (usually the United States dollar) https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP 1 The ranking of countries may differ significantly based on which method is used. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP 1 The current exchange rate method converts the value of goods and services using global currency exchange rates https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP 1 The purchasing power parity method accounts for the relative effective domestic purchasing power of the average producer or consumer within an economy. The method can provide a better indicator of the living standards of less developed countries, because it compensates for the weakness of local currencies in the international markets. For example, India ranks 10th by https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP There is a clear pattern of the purchasing power parity method decreasing the disparity in GDP between high and low income (GDP) countries, as compared to the current exchange rate method. This finding is called the Penn effect. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Cross-border comparison and PPP 1 For more information, see Measures of national income and output. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Per unit GDP 1 Therefore, GDP can be stated as GDP per capita (per person) in which total GDP is divided by the resident population on a given date, GDP per citizen where total GDP is divided by the numbers of citizens residing in the country on a given date, and less commonly GDP per unit of a resource input, such as GDP per GJ of energy or Gross domestic product per barrel https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Standard of living and GDP 1 GDP per capita is not a measurement of the standard of living in an economy; however, it is often used as such an indicator, on the rationale that all citizens would benefit from their country's increased economic production https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Standard of living and GDP 1 The major disadvantage is that it is not a measure of standard of living. GDP is intended to be a measure of total national economic activity—a separate concept. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Standard of living and GDP The argument for using GDP as a standard-of-living proxy is not that it is a good indicator of the absolute level of standard of living, but that living standards tend to move with per-capita GDP, so that changes in living standards are readily detected through changes in GDP. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities GDP is widely used by economists to gauge economic recession and recovery and an economy's general monetary ability to address externalities. It is not meant to measure externalities. It serves as a general metric for a nominal monetary standard of living and is not adjusted for costs of living within a region. GDP is a neutral measure which merely shows an economy's general ability to pay for externalities such as social and environmental concerns. Examples of externalities include: 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities 1 Wealth distribution – GDP does not account for variances in incomes of various demographic groups. See income inequality metrics for discussion of a variety of inequalitybased economic measures. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities 1 Non-market transactions–GDP excludes activities that are not provided through the market, such as household production and volunteer or unpaid services https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities Underground economy–Official GDP estimates may not take into account the underground economy, in which transactions contributing to production, such as illegal trade and tax-avoiding activities, are unreported, causing GDP to be underestimated. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities Asset Value–GDP does not take into account the value of all assets in an economy. This is akin to ignoring a company's balance sheet, and judging it solely on the basis of its income statement. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities Non-monetary economy–GDP omits economies where no money comes into play at all, resulting in inaccurate or abnormally low GDP figures. For example, in countries with major business transactions occurring informally, portions of local economy are not easily registered. Bartering may be more prominent than the use of money, even extending to services (I 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities 1 GDP also ignores subsistence production. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities 1 Quality improvements and inclusion of new products–By not adjusting for quality improvements and new products, GDP understates true economic growth https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities 1 What is being produced–GDP counts work that produces no net change or that results from repairing harm https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities Sustainability of growth– GDP is a measurement of economic historic activity and is not necessarily a projection. A country may achieve a temporarily high GDP from use of natural resources or by misallocating investment. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities 1 Nominal GDP doesn't measure variations in purchasing power or costs of living by area, so when the GDP figure is deflated over time, GDP growth can vary greatly depending on the basket of goods used and the relative proportions used to deflate the GDP figure. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Externalities 1 Cross-border comparisons of GDP can be inaccurate as they do not take into account local differences in the quality of goods, even when adjusted for purchasing power parity https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms Simon Kuznets, the economist who developed the first comprehensive set of measures of national income, stated in his first report to the US Congress in 1934, in a section titled "Uses and Abuses of National Income Measurements": 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms The valuable capacity of the human mind to simplify a complex situation in a compact characterization becomes dangerous when not controlled in terms of definitely stated criteria 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms 1 All these qualifications upon estimates of national income as an index of productivity are just as important when income measurements are interpreted from the point of view of economic welfare https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms 1 Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run. Goals for more growth should specify more growth of what and for what. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms Austrian School economist Frank Shostak has argued that GDP is an empty abstraction devoid of any link to the real world, and, therefore, has little or no value in economic analysis. Says Shostak: 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms The GDP framework cannot tell us whether final goods and services that were produced during a particular period of time are a reflection of real wealth expansion, or a reflection of capital consumption 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms So what are we to make out of the periodical pronouncements that the economy, as depicted by real GDP, grew by a particular percentage? All we can say is that this percentage has nothing to do with real economic growth and that it most likely mirrors the pace of monetary pumping. We can thus conclude that the GDP framework is an empty abstraction 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms 1 Many environmentalists argue that GDP is a poor measure of social progress because it does not take into account harm to the environment. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms 1 In 1989 Herman Daly and John B. Cobb developed the Index of Sustainable Economic Welfare (ISEW), which they proposed as a more valid measure of socio-economic progress, by taking into account various other factors such as consumption of nonrenewable resources and degradation of the environment. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Limitations and Criticisms India and China have the largest population in the world and hence has the greatest potential in productivity due to the fact that the value of a product is measured as the value of service that can be obtained by the holder in exchange for that product. ( Units per man hour) 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Lists of countries by their GDP 1 List of countries by GDP (nominal), (per capita) https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Lists of countries by their GDP 1 List of countries by GDP (PPP), (per capita), (per hour) https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Lists of countries by their GDP List of countries by GDP (real) growth rate, (per capita) 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Lists of countries by their GDP List of countries by future GDP estimates (PPP), (per capita), (nominal) 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress 1 Human development index (HDI) – up until 2009 report HDI used GDP as a part of its calculation and then factors in indicators of life expectancy and education levels. In 2010 the GDP component has been replaced with GNI. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress 1 Genuine progress indicator (GPI) or Index of Sustainable Economic Welfare (ISEW) – The GPI and the ISEW attempt to address many of the above criticisms by taking the same raw information supplied for GDP and then adjust for income distribution, add for the value of household and volunteer work, and subtract for crime and pollution. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress 1 Gross national happiness (GNH) – GNH measures quality of life or social progress in more holistic and psychological terms than GDP. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress European Quality of Life Survey – The survey, first published in 2005, assessed quality of life across European countries through a series of questions on overall subjective life satisfaction, satisfaction with different aspects of life, and sets of questions used to calculate deficits of time, loving, being and having. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress 1 Gross national happiness – The Centre for Bhutanese Studies in Bhutan is working on a complex set of subjective and objective indicators to measure 'national happiness' in various domains (living standards, health, education, eco-system diversity and resilience, cultural vitality and diversity, time use and balance, good governance, community vitality and psychological well-being) https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress Happy Planet Index – The happy planet index (HPI) is an index of human wellbeing and environmental impact, introduced by the New Economics Foundation (NEF) in 2006. It measures the environmental efficiency with which human well-being is achieved within a given country or group. Human well-being is defined in terms of subjective life satisfaction and life expectancy while 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress 1 OECD Better Life Index - The better lives compendium of indicators produced in 2011 reflects some 10 years by the organisation to develop a wider of set of indicators more closely attuned to the measurement of wellbeing or welfare outcomes https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress Composite Wealth Indicators – Namely yearly material wealth (an amended version of GNI to include depletion of natural resources and the costs of pollution), biological wealth (measured through life expectancy) and thus expected material wealth (or physical wealth), a linear combination of biological and yearly material wealth (the amount of material wealth 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress used Google Trends data to demonstrate that Internet users from countries with a higher per capita gross domestic product (GDP) are more likely to search for information about the future than information about the past 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - List of newer approaches to the measurement of (economic) progress 1 World Governance Index - Basing their work on the United Nations Millennium Declaration, which was the subject of unprecedented U.N https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Bibliography 1 Australian Bureau for Statistics, Australian National Accounts: Concepts, Sources and Methods, 2000. Retrieved November 2009. In depth explanations of how GDP and other national accounts items are determined. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Bibliography 1 United States Department of Commerce, Bureau of Economic Analysis, Concepts and Methods of the United States National Income and Product Accounts PDF. Retrieved November 2009. In depth explanations of how GDP and other national accounts items are determined. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Global 1 Australian Bureau of Statistics Manual on GDP measurement https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Data 1 Thermal Maps of the World Nominal GDP in US$ purchasing power parity from the EIU 2007–2010 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Data Bureau of Economic Analysis: Official United States GDP data 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Data 1 Historicalstatistics.org: Links to historical statistics on GDP for different countries and regions, maintained by the Department of Economic History at Stockholm University. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Data 1 Historical US GDP (yearly data), 1790– present, maintained by Samuel H. Williamson and Lawrence H. Officer, both professors of economics at the University of Illinois at Chicago. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Data 1 Historical US GDP (quarterly data), 1947–present https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Data 1 Google – public data: GDP and Personal Income of the U.S. (annual): Nominal Gross Domestic Product https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Data The Maddison Project of the Groningen Growth and Development Centre at the University of Groningen, the Netherlands. This project continues and extends the work of Angus Maddison in collating all the available, credible data estimating GDP for different countries around the world. This includes data for some countries for over 2,000 years back to 1 CE and for essentially all countries since 1950. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Articles and books 1 Gross Domestic Product: An Economy’s All, International Monetary Fund. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Articles and books Stiglitz JE, Sen A, Fitoussi J-P. Mismeasuring our Lives: Why GDP Doesn't Add Up, New Press, New York, 2010 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Articles and books 1 Whether output and CPI inflation are mismeasured, by Nouriel Roubini and David Backus, in Lectures in Macroeconomics https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Articles and books 1 Rodney Edvinsson, Growth, Accumulation, Crisis: With New Macroeconomic Data for Sweden 1800–2000 PDF https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product - Articles and books Clifford Cobb, Ted Halstead and Jonathan Rowe. "If the GDP is up, why is America down?" The Atlantic Monthly, vol. 276, no. 4, October 1995, pages 59–78 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product The 'green gross domestic product' (green GDP) is an index of economic growth with the environmental consequences of that growth factored into a country's conventional GDP. Green GDP monetizes the loss of biodiversity, and accounts for costs caused by climate change. Some environmental experts prefer physical indicators (such as waste per capita or carbon dioxide emissions per 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Calculating Green GDP Calculating green GDP requires that net natural capital consumption, including resource depletion, environmental degradation, and protective and restorative environmental initiatives, be subtracted from traditional GDP.Joseph Stiglitz, Amartya Sen and Jean-Paul Fitoussi, [http://www.stiglitzsenfitoussi.fr/documents/rapport_anglais.pdf “Report by the Commission on the Measurement of Economic Performance and Social Progress”], “Commission on the Measurement of Economic Performance and Social Progress”, 2008 Some early calculations of Green GDP take into account https://store.theartofservice.com/the-gross-domestic-product-toolkit.html one or two, but not all environmental 1 Green gross domestic product - Rationale 1 The motivation for creating a Green GDP originates from the inherent limitations of GDP has as an indicator of economic performance and social progress https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Rationale 1 In particular, natural capital is poorly represented in GDP; resources are not adequately considered as economic assets.[http://www.ihdp.unu.edu/arti cle/read/iwr-policy Policy Recommendations”], “International Human Dimensions Programme on Global Environmental Change”, 2012 Relative to their costs, companies and policy makers also do not give https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Rationale The need for a more comprehensive macroeconomic indicator is consistent with the conception of sustainable development as a desirable phenomenon.[http://www.sesric.org/files/ar ticle/52.pdf “Environmental Accounting for Sustainable Growth and Development with Special Reference to a System of Integrated Environmental and Economic Accounting (SEEA): The Indonesian Experience”], “Statistical, Economic and Social Research and Training Centre for Islamic Countries” GDP is mistakenly appropriated as a primary indicator of well-being, and as a result, it is used heavily in the analysis of political and https://store.theartofservice.com/the-gross-domestic-product-toolkit.html economic policy 1 Green gross domestic product - History 1 Many economists, scientists and other scholars have theorized about adjusting macroeconomic indicators to account for environmental change https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History In 1972, William Nordhaus and James Tobin introduced the first model to measure the annual real consumption of households, called the Measure of Economic Welfare (MEW).William Nordhaus and James Tobin, [http://www.nber.org/chapters/c7620.pdf “Is Growth Obsolete?”], National Bureau of Economic Research, 1972 MEW adjusts GDP to include the value of leisure time, 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History 1 Repetto further explored the impact that the failure of resource-based economies to account for the depreciation of their natural capital could have, especially by distorting evaluations of macroeconomic relationships and performance.Jeroen van den Bergh, [http://books.google.ca/books?id=p6bwKk M1GC8Cprintsec=frontcover#v=onepageq f=false “Ecological Economics and https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History In their seminal report, Economic Accounting for Sustainable Development, Yusuf Ahmad, Salah El Serafy and Ernst Lutz compiled papers from several UNEPWorld Bank sponsored workshops, convened after 1983, on how to develop environmental accounting as a public policy tool.Edited by Yusuf J 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History In “Natural Resources, National Accounting and Economic Depreciation,” John Hartwick presents an accounting methodology to find NNP inclusive of the depletion of natural resource stock by representing the use of natural resources as “economic depreciation magnitudes.”John Hartwick, [http://qed.econ.queensu.ca/working_pape rs/papers/qed_wp_771.pdf “Natural 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History This method of accounting, which makes adjustments to the existing national account indicators, found traction in the System of Integrated Economic and Environmental Accounts (SEEA), published by the United Nations as an appendix to the 1993 SNA.Joy Hecht, [http://www.eolss.net/SampleChapters/C13/E1-21-03-04.pdf “The 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History Several reports and initiatives after the SEEA-1993 have explored the possibility of expanding or changing the scope of environmentally-adjusted macroeconomic indicators 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History 1 In 1993, the Bureau of Economic Analysis, the official bookkeeper of the U.S https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History 1 Costanza et al https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History 1 Kunte et al https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History Nature’s Numbers: Expanding the National Economic Accounts to Include the Environment, written by William Nordhaus and Edward Kokkelenberg and published in 1999, examined whether or not to broaden the U.S 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History 1 In 2004, Wen Jiabao, the Chinese premier, announced that the green Gross domestic product|GDP index would replace the Chinese GDP index itself as a performance measure for government and party officials at the highest levels https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History 1 As an experiment in national accounting, the Green GDP effort collapsed in failure in 2007, when it became clear that the adjustment for environmental damage had reduced the growth rate to politically unacceptable levels, nearly zero in some provinces https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History Independent estimates of the cost to China of environmental degradation and resource depletion have for the last decade ranged from 8 to 12 percentage points of GDP growth.Economy, Elizabeth (2007) [http://www.pbs.org/kqed/chinainside/n ature/greengdp.html Green GDP: Accounting for the Environment in China], China from the Inside, U.S. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - History 1 The most promising national activity on the Green GDP has been from India. The country's environmental minister, Jairam Ramesh, stated in 2009 that “It is possible for scientists to estimate green GDP. An exercise has started under the country’s chief statistician Pronab Sen and by 2015, India’s GDP numbers will be adjusted with economic costs of environmental degradation.http://www.financialexpress.com/ news/India-to-release--green-GDP--datafrom-2015/544338/ https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Organizations The Global Reporting Initiative's (GRI) core goals include the mainstreaming of disclosure on environmental, social and governance performance 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Current debate Some critics of environmentally adjusted aggregates, including GDP, point out that it may be difficult to assign values to some of the outputs that are quantified 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Current debate 1 Supporters of adjusted aggregates may reply to this objection in one of two ways. First, that as our technological capabilities increase, more accurate methods of valuation have been and will continue to develop. Second, that while measurements may not be perfect in the cases of non-market natural assets, the adjustments they entail are still a preferable alternative to traditional GDP. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Current debate 1 A second objection may be found in the Report by the Commission on the Measurement of Economic Performance and Social Progress, when Stiglitz, Sen and Fitoussi remark that: https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Current debate 1 “there is a more fundamental problem with green GDP, which also applies to Nordhaus and Tobin’s SMEW and to the ISEW/GNI indices. None of these measures characterize sustainability per se. Green GDP just charges GDP for the depletion of or damage to environmental resources. This is only one part of the answer to the question of sustainability.” https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Green gross domestic product - Current debate 1 In response to this, many advocates of environmentally adjusting GDP point out that while, in theory, a sustainability index could be more comprehensive, it is not likely to be considered with the same significance as an adjusted GDP figure. This is because GDP is the predominant indicator used in macroeconomic policy design and comparative analyses of wellbeing. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Medellín - Gross domestic product The Metropolitan Area of Medellín contributes 67% of the total GDP of the Department of Antioquia and 11% of the economy of Colombia 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Medellín - Gross domestic product The 2005 Report of the Economic Colombian Review of Proexport and the International Cooperation Agency of Medellín concluded that Medellín was at the same level of GDP contribution to the national economy as cities like Panama City|Panama in Panama, and San José de Costa Rica. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross value added - Relationship to gross domestic product GVA is linked as a measurement to gross domestic product (GDP), as both are measures of Output (economics)|output. The relationship is defined as: 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross value added - Relationship to gross domestic product :GVA + taxes on products Subsidy|subsidies on products = GDP 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross value added - Relationship to gross domestic product As the total aggregates of taxes on products and subsidies on products are only available at whole economy level, Gross value added is used for measuring gross regional domestic product and other measures of the output of entities smaller than a whole economy. Restated, 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross value added - Relationship to gross domestic product 1 Over-simplistically, GVA is the grand total of all revenues, from final sales and (net) subsidies, which are incomes into businesses. Those incomes are then used to cover expenses (wages salaries, dividends), savings (profits, depreciation), and (indirect) taxes. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Division of international labor comparisons - Gross Domestic Product (GDP) per capita and per hour ILC’s produces internationally comparable data on GDP per capita|Gross Domestic Product per Capita, Gross Domestic Product per Hour, and related measures for 20 countries.[http://www.bls.gov/ilc/#g dp International comparisons of GDP per capita and per hour worked] at bls.gov/ilc 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Division of international labor comparisons - Gross Domestic Product (GDP) per capita and per hour The data are adjusted to U.S. dollars using purchasing power parities (PPPs).ftp://ftp.bls.gov/pub/special.requ ests/ForeignLabor/flsgdp.txt 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Financialization - Financial turnover compared to gross domestic product Other financial markets exhibited similarly explosive growth. Trading in U.S. equity (stock) markets grew from $136.0 billion or 13.1 percent of U.S. GDP in 1970, to $1.671 trillion or 28.8 percent of U.S. GDP in 1990. In 2000, trading in U.S. equity markets was $14.222 trillion, or 144.9 percent of GDP. Most of the growth in stock trading has been directly attributed to 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Financialization - Financial turnover compared to gross domestic product According to the [http://www.bis.org/publ/qtrpdf/r_qt0703 b.pdf March 2007 Quarterly Report from the Bank for International Settlements] (see page 24.): 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Financialization - Financial turnover compared to gross domestic product 1 Trading on the international derivatives exchanges slowed in the fourth quarter of 2006. Combined turnover of interest rate, currency and stock index derivatives fell by 7% to $431 trillion between October and December 2006. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Financialization - Financial turnover compared to gross domestic product 1 Thus, derivatives trading – mostly futures contracts on interest rates, foreign currencies, Treasury bonds, etc. had reached a level of $1,200 trillion, $1.2 quadrillion, a year. By comparison, U.S. GDP in 2006 was $12.456 trillion. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Canadian provinces and territories by gross domestic product 1 This article lists 'Canadian provinces and territories by gross domestic product (GDP)'. As of 2011, Canada has a total GDP of Canadian dollar|CAD$1.72 trillion List of countries by GDP (nominal)|ranking 11th worldwide (down from 9th in 2010). https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Canadian provinces and territories by gross domestic product While Provinces and Territories of Canada|Canada’s ten provinces and three territories exhibit high GDPs, there is wide variation among them 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Canadian provinces and territories by gross domestic product In the face of these long-term regional disparities, the Canadian federalism|Government of Canada redistributes some of its revenues through unconditional equalization payments and finances the delivery of comparable levels of government services through the Canada Health Transfer and the Canada Social Transfer. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Canadian provinces and territories by gross domestic product - Gross domestic product A table of Canadian provinces and territories by descending GDP (at current prices and expenditure-based); all figures are from Statistics Canada. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Brazilian states by gross domestic product Brazil produced, in 2012, a gross domestic product (GDP) of Brazilian real|R$ 4.403.000 million or United States dollar|US$ 2.223.737 million in nominal terms, ranking List of countries by GDP (nominal)|7th worldwide, and US$ 2.223.737 million in Purchasing Power Parity (PPP) terms, ranking List of countries by GDP (PPP)|6th worldwide, according 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Brazilian states by gross domestic product 1 Brazil is formed by the union of 27 Units of the Federation—States of Brazil|26 States and the Federal District (Brazil)|Federal District, which contains the capital city, Brasília https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Brazilian states by gross domestic product - Listings The listings are based on data from the 2007 Regional Accounts Report, published by the Brazilian Institute of Geography and Statistics (IBGE), in partnership with the State Bodies of Statistics, State Departments of Government and the Superintendency of the Manaus Free Zone (SUFRAMA) 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Pakistani provinces by gross domestic product This is a 'list of Pakistani provinces' by their 'gross state product' (GSP) (the value of the total economy, and goods and services produced in the respective Provinces of Pakistan|province) in nominal terms. GSP is the provincial-level counterpart of the national gross domestic product (GDP), the most comprehensive measure of a country's economic activity. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Pakistani provinces by gross domestic product - Background Pakistan, as of 2009, had a gross domestic product (GDP) of $166,545 billion. This value can be further divided into the provincial levels (GSP), providing an outlook of how much value each province contributes to the national GDP. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Pakistani provinces by gross domestic product - Background 1 Pakistan has traditionally followed a topdown approach in its analysis of economic development; that is, authorities have scarcely attempted to break up national GDP statistics into provincial and subnational units and have focused more on the federation as a whole. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Pakistani provinces by gross domestic product - Background 1 Thus, many accounts of provincial GDPs that do exist have usually been projected estimates made by economists, based on the likely percentage of contribution of the respective province to the national GDP and some yearly studies.[http://docs.google.com/viewer?a= vq=cache:49e4WYMKgvUJ:www.creb.org. pk/Attachments/WorkingPapers/Working_ Paper_Series_No._1https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Pakistani provinces by gross domestic product - Background 1 As of 2009, Punjab, Pakistan|Punjab had the largest economy in Pakistan (contributing 57% to Pakistan's GDP), followed by Sindh (27.5%), Khyber Pakhtunkhwa (8%) and Balochistan, Pakistan|Balochistan (3%) respectively. Islamabad, the capital entity, contributes about 1%; while data for FATA is unreliable, according to economist Shahid Javed Burki, its gross state product is https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Pakistani provinces by gross domestic product - Background 1 Figures for Kashmir (including Azad Kashmir and Gilgit-Baltistan) on the other hand are unavailable and not released as part of provincial estimates. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html List of Pakistani provinces by gross domestic product - Background 1 Punjab, which is the largest province in terms of population, dominates other provinces in contributing to the national economy https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economic theory - Gross Domestic Product (GDP) or Economic Growth 1 Gross Domestic product means the total value of goods produced and services provided in a country in a year. GDP is customarily reported on annual basis. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Canada - Gross Domestic Product (GDP) The OECD provides data for example comparing labour productivity levels in the total economy of each member nation. In their 2011 report Canada's Gross Domestic Product (GDP) was $CDN 1,720,748 million. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Real gross domestic product 1 'Real Gross Domestic Product' (real GDP) is a macroeconomic measure of the value of economic output (economics)|output adjusted for price changes (i.e., inflation (economics)|inflation or deflation).[http://www.investopedia.c om/terms/r/realgdp.asp Investopedia] This adjustment transforms the money-value measure, nominal GDP, into an Index (economics)|index for quantity of https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Real gross domestic product - Relationship with purchasing power 1 Since THOOTTreal GDP is adjusted for inflation throughout the year, it can be thought of in terms of purchasing power. As a result, individual purchasing power can be measured by real GDP per capita, i.e., real GDP divided by the size of the population. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Thailand - Gross domestic product (GDP) 1 Below is a table showing the trend of Thai gross domestic product (GDP) from 1980 to 2012: https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Thailand - Gross domestic product (GDP) 1 Source: With the exception of the 2012 data, all data above are from the IMF's World Economic Outlook Database (April 2013). https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Thailand - Gross domestic product (GDP) Over the past 32 years, the economy of Thailand has expanded 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Algeria - Gross domestic product (GDP) 1 In 2007 Algeria’s estimated GDP was US$125.9 billion according to the official exchange rate. Using purchasing power parity, estimated GDP was US$268.9 billion, or US$8,100 on a per capita basis. The estimated real growth rate was 4.6 percent. In 2007 industry accounted for 61 percent of GDP, services constituted 31 percent, and agriculture provided the https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Algeria - Gross domestic product (GDP) 1 The country has enjoyed several years of strong economic performance, with solid non-hydrocarbon growth, low inflation, an overall budget surplus of 8percent of GDP and a positive trade balance of 28 percent of GDP in 2008 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Kenya - Gross domestic product 1 In 2006 Kenya's gross domestic product (GDP) was about US$17.39 billion https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Accounting identity - Gross domestic product 1 The basic equation for gross domestic product is also an identity, and is sometimes referred to as the 'National Income Identity':Macroeconomics, Auerbach and Kotlikoff, pp. 122-23, 1998 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Accounting identity - Gross domestic product : GDP = consumption (economics)|consumption + Investment#In economics or macroeconomics|investment + government spending + (exports − International trade|imports). 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Accounting identity - Gross domestic product This identity holds because investment refers to the sum of intended and unintended investment, the latter being unintended accumulations of inventories; unintended inventory accumulation necessarily equals output produced (GDP) minus intended uses of that outputmdash;consumption, intended investment in machinery, inventories, etc., government spending, and net exports. 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html National income - Gross domestic product and gross national product 1 Gross domestic product (GDP) is defined as the value of all final goods and services produced in a country in 1 year.Australian Council of Trade Unions, APHEDA, [http://www.apheda.org.au/campaigns/bur ma_schools_kit/resources/1074040257_1 6812.html Glosssary], accessed November 2009. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html National income - Gross domestic product and gross national product 1 Gross National Product (GNP) is defined as the market value of all goods and services produced in one year by labour and property supplied by the residents of a country.United States, of the United States], p 5; retrieved November 2009. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html National income - Gross domestic product and gross national product As an example, the table below shows some GDP and GNP, and NNI data for the United States:U.S Federal Reserve, [http://www.federalreserve.gov/Releases/Z 1/ the link] appears to be dead as of late 2009 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html National income - Gross domestic product and gross national product 1 *'NDP': Net domestic product is defined as gross domestic product (GDP) minus depreciation of capital,[http://450.aers.psu.edu/glossary_s earch.cfm?letter=n Penn State Glossary] similar to NNP. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html National income - Gross domestic product and gross national product 1 * 'GDP per capita': Gross domestic product per capita is the mean value of the output produced per person, which is also the mean income. https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Castilla-La Mancha - Gross domestic product 1 Castilla–La Mancha generates a GDP of €33,077,484,000, 3.4 percent of the Spanish GDP, placing it ninth among the 19 Spanish autonomous communities https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Castilla-La Mancha - Gross domestic product In 2005 the Manchego GDP broke down by productive sectors as follows: 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Medellín - Gross domestic product The Metropolitan Area of Medellín contributes 67% of the total GDP of the Department of Antioquia and 11% of the economy of Colombia 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product per capita There are two articles listing countries according to their per capita GDP: 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product per capita 1 *List of countries by GDP (nominal) per capita – GDP at market or government official exchange rates per inhabitant https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Gross domestic product per capita *List of countries by GDP (PPP) per capita – GDP calculated at purchasing power parity (PPP) exchange rates per inhabitant 1 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html Economy of Eritrea - Gross domestic product (GDP) 1 Eritrea's GDP, estimated at $4.037 billion in 2011, is 8.7 percent above the GDP in 2010 https://store.theartofservice.com/the-gross-domestic-product-toolkit.html For More Information, Visit: • https://store.theartofservice.co m/the-gross-domestic-producttoolkit.html The Art of Service https://store.theartofservice.com