Gross domestic product information

Gross domestic product (GDP) is a monetary measure of the market value^[2] of all the final goods and services produced and rendered in a specific time period by a country^[3] or countries.^[4]^[5]^[6] GDP is more often used by the government of a single country to measure its economic health.^[3] Due to its complex and subjective nature, this measure is often revised before being considered a reliable indicator.^[7]

GDP definitions are maintained by several national and international economic organizations. The Organisation 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)".^[8] 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 (say a quarter or a year)."^[9]

GDP (nominal) per capita does not 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.^[10] Total GDP can also be broken down into the contribution of each industry or sector of the economy.^[11] The ratio of GDP to the total population of the region is the per capita GDP (also called the Mean Standard of Living).

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.^[12] 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.

For example, the GDP of Germany in 2023 was 4100 Billion Euro, which included about 10% of taxes like the value-added tax.^[13]^[14]

^ "GDP (Official Exchange Rate)" (PDF). World Bank. Archived (PDF) from the original on 2013-06-12. Retrieved 24 August 2015.
^ Duigpan, Brian (2017-02-28). "gross domestic product". Encyclopedia Britannica. Archived from the original on 2023-02-25. Retrieved 2023-02-23.
^ ^a ^b "gross domestic product (GDP) - Students". Britannica Kids. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.
^ Callen, Tim. "Gross Domestic Product: An Economy's All". Finance & Development | F&D. International Monetary Fund. Archived from the original on 30 October 2022. Retrieved 23 February 2019.
^ "Gross Domestic Product". Bureau of Economic Analysis. Archived from the original on 13 December 2021. Retrieved 23 February 2019.
^ "Gross Domestic Product (GDP) Definition". Britannica Money. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.
^ "What Is GDP and Why Is It So Important to Economists and Investors?". Investopedia. Retrieved 2023-05-05.
^ "OECD". Archived from the original on 27 June 2021. Retrieved 14 August 2014.
^ Callen, Tim. "Gross Domestic Product: An Economy's All". IMF. Archived from the original on 11 December 2021. Retrieved 3 June 2016.
^ Hall, Mary. "What Is Purchasing Power Parity (PPP)?". Investopedia. Archived from the original on 5 November 2016. Retrieved 23 February 2019.
^ Dawson, Graham (2006). Economics and Economic Change. FT / Prentice Hall. p. 205. ISBN 978-0-273-69351-2.
^ Raworth, Kate (2017). Doughnut economics: seven ways to think like a 21st-century economist. ISBN 978-1-84794-138-1. OCLC 974194745. Archived from the original on 2021-04-29. Retrieved 2022-03-19.
^ O'Neill, Aaron (30 March 2023). "Germany: Gross domestic product (GDP) from 2010 to 2022". Statista.
^ "VGR des Bundes - Bruttowertschöpfung, Bruttoinlandsprodukt (nominal/preisbereinigt): Deutschland, Jahre". Statistisches Bundesamt (Destatis). 12 September 2023.

[CIA-1] "GDP (Official Exchange Rate)" (PDF). World Bank. Archived (PDF) from the original on 2013-06-12. Retrieved 24 August 2015.

[:1-2] Duigpan, Brian (2017-02-28). "gross domestic product". Encyclopedia Britannica. Archived from the original on 2023-02-25. Retrieved 2023-02-23.

[:2-3] "gross domestic product (GDP) - Students". Britannica Kids. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.

[4] Callen, Tim. "Gross Domestic Product: An Economy's All". Finance & Development | F&D. International Monetary Fund. Archived from the original on 30 October 2022. Retrieved 23 February 2019.

[5] "Gross Domestic Product". Bureau of Economic Analysis. Archived from the original on 13 December 2021. Retrieved 23 February 2019.

[6] "Gross Domestic Product (GDP) Definition". Britannica Money. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.

[7] "What Is GDP and Why Is It So Important to Economists and Investors?". Investopedia. Retrieved 2023-05-05.

[:0-8] "OECD". Archived from the original on 27 June 2021. Retrieved 14 August 2014.

[9] Callen, Tim. "Gross Domestic Product: An Economy's All". IMF. Archived from the original on 11 December 2021. Retrieved 3 June 2016.

[10] Hall, Mary. "What Is Purchasing Power Parity (PPP)?". Investopedia. Archived from the original on 5 November 2016. Retrieved 23 February 2019.

[11] Dawson, Graham (2006). Economics and Economic Change. FT / Prentice Hall. p. 205. ISBN 978-0-273-69351-2.

[12] Raworth, Kate (2017). Doughnut economics: seven ways to think like a 21st-century economist. ISBN 978-1-84794-138-1. OCLC 974194745. Archived from the original on 2021-04-29. Retrieved 2022-03-19.

[13] O'Neill, Aaron (30 March 2023). "Germany: Gross domestic product (GDP) from 2010 to 2022". Statista.

[14] "VGR des Bundes - Bruttowertschöpfung, Bruttoinlandsprodukt (nominal/preisbereinigt): Deutschland, Jahre". Statistisches Bundesamt (Destatis). 12 September 2023.

Gross domestic product information

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