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GDP redirects here. For other uses, see GDP (disam- entire production process. It deliberately leaves out the
biguation).
intermediate consumption of business-to-business (B2B)
Gross domestic product (GDP) is a monetary measure transactions in the early and intermediate stages of production, as well as sales of used goods. In the United
States, the Bureau of Economic Analysis (BEA) has introduced a new quarterly statistic called gross output
(GO), a broader measure that attempts to add up total
sales or revenues at all stages of production.[2] Mark Skousen was the rst economist to advocate GO as an important macroeconomic tool.[3] Other countries are following suit, such as the United Kingdom, which now produces an annual statistic called Total Output.
GDP attempts to measure the use economy, i.e., the
value of nished goods and services ready to be used by
consumers, business and government. GDP is similar to
the bottom line (earnings) of an accounting statement,
which determined the value added or the value of nal use. GO is an estimate of the make economy, i.e.,
the monetary value of sales at all stages of production.
Thus, GO is similar to the top line (revenues or sales)
of an accounting statement. GDP and GO are not mutually exclusive, but are complementary ways of examining
the state of an economy.
As Dale Jorgenson, Steve Landefeld, and William Nordhaus conclude in Gross output [GO] is the natural measure of the production sector, while net output [GDP] is
appropriate as a measure of welfare. Both are required in
a complete system of accounts.[4] The largest GDPs by
continent are: the United States in the Americas,[5] Germany in Europe,[6] Nigeria in Africa,[7] China in Asia[8]
and Australia in Oceania.[9]
1 Denition
Selection of GDP PPP data (top 10 countries and blocks, 2014)
in no particular order
History
which sums the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the
principle that all of the product must be bought by somebody, therefore the value of the total product must be
equal to peoples total expenditures in buying things. The
income approach works on the principle that the incomes
of the productive factors (producers, colloquially) must
be equal to the value of their product, and determines
GDP by nding the sum of all producers incomes.[17]
3.2
Income approach
3
These ve income components sum to net domestic income at factor cost.
Two adjustments must be made to get GDP:
1. Indirect taxes minus subsidies are added to get from
factor cost to market prices.
'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.
Gross operating surplus (GOS) is the surplus due
to owners of incorporated businesses. Often called
prots, although only a subset of total costs are subtracted from gross output to calculate GOS.
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 dierence between basic prices and nal
prices (those used in the expenditure calculation) is the
total taxes and subsidies that the government has levied
This method measures GDP by adding incomes that rms or paid on that production. So adding taxes less subsidies
pay households for factors of production they hire - wages on production and imports converts GDP at factor cost to
for labour, interest for capital, rent for land and prots for GDP(I).
entrepreneurship.
Total factor income is also sometimes expressed as:
The US National Income and Expenditure Accounts divide incomes into ve categories:
1. Wages, salaries, and supplementary labour income
2. Corporate prots
GDP = R + I + P + SA + W
where R : rents
I : interests
P : prots
SA : statistical adjustments (corporate income taxes, dividends, undistributed corporate prots)
W : wages.
3.3
Expenditure approach
3.3.1
3.3
Expenditure approach
5
value of these goods and services is estimated as
equal to their cost of production. This ignores
the consumer surplus generated by an ecient and
eective government supplied infrastructure. For
example, government-provided clean water confers
substantial benets above its cost. Ironically, lack
of such infrastructure which would result in higher
water prices (and probably higher hospital and medication expenditures) would be reected as a higher
GDP. This may also cause a bias that mistakenly favors inecient privatizations since some of the consumer surplus from privatized entities sale of goods
and services are indeed reected in GDP.[29]
GDP VS GNI
5 GDP vs GNI
7
the International Monetary Fund, European Union,
Organization for Economic Co-operation and Development, United Nations and World Bank. The publication
is normally referred to as SNA93 to distinguish it from
the previous edition published in 1968 (called SNA68)
or constant, GDP.
The factor used to convert GDP from current to constant values in this way is called the GDP deator. Unlike
consumer price index, which measures ination or deation in the price of household consumer goods, the GDP
[35]
deator measures changes in the prices of all domestiSNA93 provides a set of rules and procedures for the cally produced goods and services in an economy includmeasurement of national accounts. The standards are de- ing investment goods and government services, as well as
signed to be exible, to allow for dierences in local sta- household consumption goods.[36]
tistical needs and conditions.
Constant-GDP gures allow us to calculate a GDP growth
5.2
National measurement
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).
Main article: National agencies responsible for GDP
measurement
5.3
Interest rates
GDP is an aggregate gure that does not consider diering sizes of nations. 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.
GDP per citizen in the above case is similar to GDP per
capita in most nations. However, in nations with very high
proportions of temporary foreign workers like in Persian
Gulf nations, the two gures can be vastly dierent.
Source: Helgi Library,[37] World Bank
GDP per capita is often used as an indicator of living standards.[38] Notably on the rationale that all citizens would benet from their countrys increased economic production as it leads to an increase in consumption opportunities which in turn increases the standard of
living.[39] Similarly, GDP per capita is not a measure of
personal income. In fact GDP may increase while real
incomes for the majority decline.
The major advantage of GDP per capita as an indicator of
9
in inaccurate or abnormally low GDP gures. 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.[41]
Quality improvements and inclusion of new
products by not adjusting for quality improvements and new products, GDP understates true
economic growth. For instance, although computers today are less expensive and more powerful than
computers from the past, GDP treats them as the
same products by only accounting for the monetary
value. The introduction of new products is also difcult to measure accurately and is not reected in
GDP despite the fact that it may increase the standard of living. For example, even the richest person in 1900 could not purchase standard products,
such as antibiotics and cell phones, that an average
consumer can buy today, since such modern conveniences did not exist then.
10
Many environmentalists argue that GDP is a poor measure of social progress because it does not take into account harm to the environment.[45][46]
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 non-renewable resources and degradation of the environment.
11
about the past. The ndings, published in the journal Scientic Reports, suggest there may be a link
between online behaviour and real-world economic
indicators.[49][50][51] The authors of the study examined Google search queries made by Internet users
in 45 dierent countries in 2010 and calculated the
ratio of the volume of searches for the coming year
('2011') to the volume of searches for the previous
year ('2009'), which they call the 'future orientation index'.[52] They compared the future orientation index to the per capita GDP of each country
and found a strong tendency for countries in which
Google users enquire more about the future to exhibit a higher GDP. The results hint that there may
potentially be a relationship between the economic
success of a country and the information-seeking behaviour of its citizens online.
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.
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). This set of
indicators would be used to assess progress towards
gross national happiness, which they have already
identied as being the nations priority, above GDP.
Happy Planet Index The happy planet index (HPI)
is an index of human well-being and environmental
impact, introduced by the New Economics Foundation (NEF) in 2006. It measures the environmental
eciency with which human well-being is achieved
within a given country or group. Human well-being
is dened in terms of subjective life satisfaction and
life expectancy while environmental impact is dened by the Ecological Footprint.
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.
OECD Better Life Index - The better lives compendium of indicators produced in 2011 reects
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. There
is felt to be considerable convergence (in 2011) in
13 See also
Annual average GDP growth
Chained volume series
Circular ow of income
GDP density
Gross output
Gross regional domestic product
Gross state product
Gross value added
Gross world product
Intermediate consumption
Inventory investment
List of countries by average wage
List of countries by household income
List of countries by GDP (nominal)
List of countries by GDP (nominal) per capita
List of countries by GDP (PPP)
List of countries by GDP (PPP) per capita
12
14
[15] Dickinson, Elizabeth. GDP: a brief history. ForeignPolicy.com. Retrieved 25 April 2012.
14
[9] Field listing - GDP (PPP exchange rate), CIA World Factbook
[24] This and the following statement on entitlement to compensation are from Australian National Accounts: Concepts, Sources and Methods, 2000, section 4.6.
[25] Concepts and Methods of the United States National Income and Product Accounts, page 2-2.
[26] Concepts and Methods of the United States National Income and Product Accounts, page 2-2.
[27] Australian National Accounts: Concepts, Sources and
Methods, 2000, section 4.4.
[28] Concepts and Methods of the United States National Income and Product Accounts, page 2-2; and Australian National Accounts: Concepts, Sources and Methods, 2000,
section 4.4.
[29] Concepts and Methods of the United States National Income and Product Accounts, page 2-4.
[30] Concepts and Methods of the United States National Income and Product Accounts, page 2-5.
13
Nytimes.com.
August
[49] Tobias Preis, Helen Susannah Moat, H. Eugene Stanley and Steven R. Bishop (2012). Quantifying the
Advantage of Looking Forward. Scientic Reports 2:
350. doi:10.1038/srep00350. PMC: 3320057. PMID
22482034.
[50] Paul Marks (April 5, 2012). Online searches for future
linked to economic success. New Scientist. Retrieved
April 9, 2012.
[51] Casey Johnston (April 6, 2012). Google Trends reveals
clues about the mentality of richer nations. Ars Technica.
Retrieved April 9, 2012.
[52] Tobias Preis (2012-05-24). Supplementary Information:
The Future Orientation Index is available for download
(PDF). Retrieved 2012-05-24.
15 Further reading
Coyle, Diane (2014). GDP: A Brief but Aectionate
History. Princeton, NJ: Princeton University Press.
ISBN 978-0-691-15679-8.
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.
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.
16 External links
16.1 Global
Australian Bureau of Statistics Manual on GDP
measurement
GDP-indexed bonds
OECD GDP chart
UN Statistical Databases
World Development Indicators (WDI) at Worldbank.org
World GDP Chart (since 1960)
14
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Ocial United
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