Gross Domestic Product GDP
Introduction
GDP is measuring the total of all economic activities in one country, regardless of who owns the productive asset. GDP is widely used to assess the economic performance of countries.The market value of all final goods and services produced in a country during a period of time.

Types of GDP and GDP growth

  • Current GDP is GDP expressed in the current prices of the period being measured
  • Nominal GDP growth is GDP growth in nominal prices (unadjusted for price changes).
  • Real GDP growth is GDP growth adjusted for price changes.

    Global Economy - Source - CIA

    GDP (purchasing power parity)

    GDP- per capita (PPP)

    GDP - Real growth rate

    $69.62 trillion (2008 est.)

    $10,400 (2008 est.)

    3.1% (2008 est.)

    $67.54 trillion (2007 est.)

    $10,200 (2007 est.)

    5% (2007 est.)

    $64.32 trillion (2006 est.)

    $9,800 (2006 est.)

    5% (2006 est.)

  • Components
    Consumption (C) Spending by households on goods and services, not including spending on new houses.

    Investment (I) Spending by firms on new factories, office buildings, machinery, and inventories, and spending by households on new houses.

    Government purchases (G) Spending by federal, state, and local governments on goods and services.

    Net exports (NX) Exports minus imports.

    Y= C + I + G + NX

    GDP - Composition by sector

    Agriculture: 4%

    Industry: 32%

    Services: 64% (2008 est.)

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