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| Part of the behavioral sciences |
| Economics |
|---|
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 Principles of Economics |
Gross domestic product (GDP) is a monetary measure of the total market value[1] of all the final goods and services produced and rendered in a specific time period by a country[2] or countries.[3][4] GDP is often used to measure the economic activity of a country or region.[2] The major components of GDP are consumption, government spending, net exports (exports minus imports), and investment. Changing any of these factors can increase the size of the economy. For example, population growth through mass immigration can raise consumption and demand for public services, thereby contributing to GDP growth. However, GDP is not a measure of overall standard of living or well-being, as it does not account for how income is distributed among the population. A country may rank high in GDP but still experience jobless growth depending on its planned economic structure and strategies. Dividing total GDP by the population gives a rough measure of GDP per capita.[5][3] Several national and international economic organizations, such as the OECD and the International Monetary Fund, maintain their own definitions of GDP.[6][7]
GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It serves as a statistical indicator of national development and progress. Total GDP can also be broken down into the contribution of each industry or sector of the economy.[8] Nominal GDP is useful when comparing national economies on the international market using current exchange rate.[9] To compare economies over time inflation can be adjusted by comparing real instead of nominal values. For cross-country comparisons, GDP figures are often adjusted for differences in the cost of living using Purchasing power parity (PPP). GDP per capita at purchasing power parity can be useful for comparing living standards between nations.
GDP has been criticized for leaving out key externalities, such as resource extraction,[clarification needed] environmental impact and unpaid domestic work.[10] 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.
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- ^ 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.
- ^ a b 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 (GDP) Definition". Britannica Money. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.
- ^ "Gross Domestic Product". Bureau of Economic Analysis. Archived from the original on 13 December 2021. Retrieved 23 February 2019.
- ^ "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.
- ^ Dawson, Graham (2006). Economics and Economic Change. FT / Prentice Hall. p. 205. ISBN 978-0-273-69351-2.
- ^ Hall, Mary. "What Is Purchasing Power Parity (PPP)?". Investopedia. Archived from the original on 5 November 2016. Retrieved 23 February 2019.
- ^ 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.