Gross domestic product

GDPnominal GDPGDP (nominal)per capita GDPGDP/ NominalGDP per capitaGross Domestic Product (GDP)nominaloutputnominal gross domestic product
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually.wikipedia
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List of countries by GDP (nominal) per capita

GDP (nominal) per capitaper capitaGDP per capita
GDP (nominal) per capita does not, however, 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) is arguably more useful when comparing living standards between nations, while Nominal GDP is more useful comparing national economies on the international market.
This page lists the countries of the world sorted by their gross domestic product per capita at nominal values.

List of countries by GDP (PPP) per capita

GDP (PPP) per capitaGDP per capitaper capita
GDP (nominal) per capita does not, however, 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) is arguably more useful when comparing living standards between nations, while Nominal GDP is more useful comparing national economies on the international market.
This page is a list of the countries of the world by gross domestic product (at purchasing power parity) per capita, i.e., the purchasing power parity (PPP) value of all final goods and services produced within a country in a given year, divided by the average (or mid-year) population for the same year.

Lists of countries by GDP per capita

GDP per capitaper capita GDPGross Domestic Product per Capita
The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living.
Lists of countries by GDP per capita list the countries in the world by their gross domestic product (GDP) per capita.

Standard of living

living standardsstandards of livingliving standard
GDP (nominal) per capita does not, however, 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) is arguably more useful when comparing living standards between nations, while Nominal GDP is more useful comparing national economies on the international market.
The standard of living includes factor as a whole quality and availability of employment, class disparity, poverty rate, quality and housing affordability, hours of work are required to purchase necessities, gross domestic product, inflation rate, amount of leisure time every year, affordable (or free) access to quality healthcare, quality and availability of education, literacy rates, life expectancy, occurrence of diseases, cost of goods and services, infrastructure, national economic growth, economic and political stability, freedom, environmental quality, climate and safety.

Government spending

public spendingpublic fundspublic investment
These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product.

Final good

consumer goodsconsumer productsconsumer product
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually.
For instance, the GDP excludes items counted in an earlier year to prevent double counting of production that is based on resales of the same item.

Gross national income

GNPgross national productGNI
At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by a country's citizens at home and abroad rather than its 'resident institutional units' (see OECD definition above).
The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents (Todaro & Smith, 2011: 44).

European Union

EUEuropeanEurope
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, Organisation for Economic Co-operation and Development, United Nations and World Bank.
Containing 7.3% of the world population, the EU in 2017 generated a nominal gross domestic product (GDP) of 19.670 trillion US dollars, constituting approximately 24.6% of global nominal GDP.

Gross world product

Worldglobal GDPworld GDP
In a global context, world GDP and world GNI are, therefore, equivalent terms.
Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).

GDP deflator

Gross Domestic Product deflatordeflatingGDP price deflator
The factor used to convert GDP from current to constant values in this way is called the GDP deflator.
GDP stands for gross domestic product, the total monetary value of all final goods and services produced within the territory of a country over a particular period of time (quarterly or annually).

Measures of national income and output

national incomeGNPgross national product
For more information, see Measures of national income and output.
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).

Penn effect

high-wage economic modellow-wage economieslow-wage jobs
This finding is called the Penn effect.
The Penn effect is the economic finding that real income ratios between high and low income countries are systematically exaggerated by gross domestic product (GDP) conversion at market exchange rates.

Transfer payment

transfer paymentstransfermoney transfer
For the purpose of calculating gross domestic product (GDP), government spending does not include transfer payments, which are the reallocation of money from one party to another rather than expenditure on newly produced goods and services.

Gross value added

GVAgross value added (GVA)gross value
The 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)."
GVA is linked as a measurement to gross domestic product (GDP), as both are measures of output.

Unpaid work

unpaid laborUnpaid domestic workUnpaid workers
GDP does not take into account the value of household and other unpaid work.
This is a form of 'non-market work' which can fall into one of two categories: (1) unpaid work that is placed within the production boundary of the System of National Accounts (SNA), such as gross domestic product (GDP), and (2) unpaid work that falls outside of the production boundary (non-SNA work), such as domestic labor that occurs inside households for their consumption.

Real gross domestic product

real GDPreal outputreal
The GDP adjusted for changes in money value in this way is called the real, or constant, GDP.
This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output.

Purchasing power parity

PPPPPSGDP (PPP)
Purchasing power parity exchange rate is used when comparing national production and consumption and other places where the prices of non-traded goods are considered important.

Russia

Russian FederationRUSRussian
It has been suggested that countries that have authoritarian governments, such as the People's Republic of China, and Russia, inflate their GDP figures.
Russia's economy ranks as the twelfth largest by nominal GDP and sixth largest by purchasing power parity in 2018.

Simon Kuznets

KuznetsKuznets, SimonSimon S. Kuznets
The modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934.

National accounts

national accountingnational accountGovernment accounting
Because many public policies are shaped by GDP calculations and by the related field of national accounts, the non-inclusion of unpaid work in calculating GDP can create distortions in public policy, and some economists have advocated for changes in the way public policies are formed and implemented.
As to flows, the national income and product accounts (in U.S. terminology) provide estimates for the money value of income and output per year or quarter, including GDP.

Index of Sustainable Economic Welfare

ISEWMeasure of Economic WelfareIndex of Sustainable Economic Welfare (ISEW)
The Index of Sustainable Economic Welfare (ISEW) is an economic indicator intended to replace the Gross Domestic Product, which is the main macroeconomic indicator of System of National Accounts (SNA).

List of countries by GDP (nominal)

Economic rank, by nominal GDP (2007)GDP (nominal)nominal GDP
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year.

United States

AmericanU.S.USA
For example, the GNI of the USA is the value of output produced by American-owned firms, regardless of where the firms are located.
In 2010 taxes collected by federal, state and municipal governments amounted to 24.8% of GDP.