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Gross domestic product
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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 often used to measure the economic health of a country or region.[3] Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund.[7][8]
The ratio of GDP to the total population of the region is the GDP per capita and can approximate a concept of a standard of living. Nominal GDP 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.[9] Total GDP can also be broken down into the contribution of each industry or sector of the economy.[10]
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.[11] Alternative economic indicators such as doughnut economics use other measures, such as the Human Development Index or Better Life Index, as better approaches to measuring the effect of the economy on human development and well being.
- ^ "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.
- ^ "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.
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