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Gross Domestic Product (GDP) is the total market or monetary value of all the goods and services produced within the geographical boundaries of a country during a specified period of time such as a year. It includes all the finished products, from the smallest to the largest and irrespective of their purpose or utility, that the country produced during the given time period. It also includes products and services such as defense/military equipment and educational services that are produced for non-market use. However, it does not include productive activities such as household and voluntary work which are difficult to measure in monetary terms accurately.
This means for example, that a meal prepared by a chef working in a restaurant is included in the GDP but the same meal prepared to be consumed at home by the family is not included (the ingredients of the recipe purchased by the chef will be counted in both cases because they have definite monetary values). Black market activities are also not included in GDP. Moreover, GDP does not take into account the wear and tear and depreciation in the value of machinery, buildings and other capital stock used in the production of the economic output. Subtracting this depreciation from the GDP provides us with the country’s Net Domestic Product (NDP).
Because it provides a combined measure of a nation’s overall economic production, GDP acts as a comprehensive scorecard of its overall economic wellbeing. It is calculated usually on an annual basis, but in some countries such as the US, it is also calculated quarterly. The US government projects GDP estimates for the calendar year as well as for each quarter. All datasets in the GDP report are provided only in real terms. This means that changes in the price of products and services over the specified period are accounted for in the data, and thus it is net of inflation.
Measuring the GDP of a country encompasses all income generating activities including all private and public consumption, purchase of stocks and inventories, costs of construction, investments, government outlays, and the foreign balance of trade. The foreign balance of trade which is calculated by adding exports to the GDP value and subtracting imports from it is an especially important component of GDP. A country’s GDP increases when the total value of products and services sold by domestic producers in foreign markets is greater than the total value of products and services sold by foreign businesses in the domestic market. This situation is called trade surplus for the domestic country. When the situation is reversed, that is, when the domestic spending on imported products and services is greater than exports, it is called trade deficit. In this case, the GDP of the domestic country also declines. GDP can be calculated on two bases—Nominal and Real.
NOMINAL GROSS DOMESTIC PRODUCT (GDP):The nominal GDP measures the value of production in an economy in terms of the current prices of products and services. It does not consider factors such as inflation and therefore, can show a false or inflated picture of the economy. Products and services accounted for in nominal GDP are valued at the prices they are sold for in the given year. It can be calculated in either the domestic currency or US dollars at current exchange rates. This helps in comparing the domestic GDP with that of foreign countries in strictly financial terms. Nominal GDP is also generally used when a country needs to compare the quarterly production for the same year.
REAL GROSS DOMESTIC PRODUCT (GDP):It is the total value of all goods and services produced during a year calculated at inflation-adjusted constant prices. Prices used to calculate the real GDP are taken usually from the previous year or a specific base year. This negates the impact of price changes, both positive and negative, on the trend of production over the given period of time. Real GDP provides a more accurate picture of the economy because it is adjusted for inflation and deflation, whichever the situation in the economy may be. Inflation (price rise) tends to increase the nominal GDP of a country but it does not necessarily mean that the amount or quality of production also increased. Therefore, by looking only at the nominal GDP, it becomes difficult to say whether the GDP has increased because production has increased or just because the prices of products and services have risen. Real GDP provides a solution to this problem by taking out the impact of inflation and making it possible for economists to see if there has been a “real” economic growth from one year to the other.
The task of calculating a country’s GDP is generally assigned to its central statistical agency. This agency collects relevant information from a large number of sources and data centers. GDP calculations are made from the data by following internationally accepted standards and guidelines. The System of National Accounts (1993) which was compiled by the European Commission, Organization for Economic Cooperation and Development (OECD), International Monetary Fund (IMF), the World Bank and the United Nations, contains all information about the standards for GDP measurement. Theoretically speaking, GDP can be viewed and measured from three different approaches:
Production approach: The production approach identifies and adds together the “value added” to a finished product at each stage of production. Value addition here is defined as the total sales minus the value or cost of individual inputs at intermediate stages of production. For example, flour, yeast, etc. are the value additions and a loaf of bread is the finished product. Subtracting the cost of any of the ingredients will reduce the value of the bread.
Expenditure approach: In this approach, the values of all the purchases made by different consumer groups within the boundaries of the country are added together. For example, the expenditure approach is used to add the value of food items, gadgets, medical services, clothing, etc. bought by households within the given period of time.
It can also be used to add up the cost of property, machinery, raw materials and labor by manufacturers, and so on.
The formula to calculate GDP from the expenditure approach is:
GDP= C + G + I + NX
“C” is consumer spending or total expenditure on private consumption,
“G” is government spending and investments in the form of expenditure on infrastructure development, payroll, subsidies, etc.
“I” refers to the total of capital expenditure or domestic investments made by businesses in the economy.
“NX” is net exports calculated by subtracting total exports from total imports.
Income approach: In this approach, GDP is calculated by adding up the incomes generated within the economy from all production activities.
Examples of income in this approach include salaries and compensation received by employees and profit generated by a business. GDP formula according to this approach is:
GDP= Total National Income + Sales Tax + Depreciation + Net Foreign Factor Income
“Total National Income” is the sum of all salaries and wages, interests, profits, and rent.
Sales Taxes are the taxes imposed by the government on the sales of products and services and paid by consumers.
Depreciation is the reduction in the value of a tangible asset over its useful life.
Net Foreign Factor Income is the difference between the total income generated by the residents and businesses of a country in a foreign country and the total income generated by the residents and businesses of a foreign country in the domestic country.
GDP per capita is the measurement of per person GDP for each individual in the country’s population. The concept of GDP per capita is built on the idea that per person income or output of an economy can be a good measure of its average standard of living and average productivity. It can be stated in terms of nominal and real GDP and purchasing power parity (PPP). The main interpretation of the GDP per capita is that it shows the value of economic production that can be attributed to each citizen of the country. It also serves as a ready measure of the country’s prosperity and the overall national wealth. It is often calculated and analyzed as an economic metric in addition to the traditional GDP measures. It provides economists with general insights into the productivity of a country and allows them to compare this productivity with that of other countries.
As it considers both GDP and the population of the country, GDP per capita helps economists understand how each individual factor is contributing to the overall economy and growth of the GDP. For example, if the GDP per capita of a country is growing steadily with a stable population, it could indicate that the country has made noticeable technological progress resulting in higher output with the same level of population. Low population countries having high GDP per capita are usually those that have successfully optimized resource utilization to build a self-sufficient and developed economy.
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