Gross domestic product

GDP redirects here. For other uses, see GDP (disam- and adds value to it by producing a car; double counting
biguation).
would occur if GDP added together the value of the steel
Gross domestic product (GDP) is a measure of the size and the value of the car.[3] Because it is based on value
added, GDP also increases when an enterprise reduces
its use of materials or other resources ('intermediate consumption') to produce the same output.
The more familiar use of GDP estimates is to calculate
the growth of the economy from year to year (and recently
from quarter to quarter). The pattern of GDP growth is
held to indicate the success or failure of economic policy
and to determine whether an economy is 'in recession'.
A map of world economies by size of GDP (nominal) in $US,
CIA World Factbook, 2012.[1]

1 History
William Petty came up with a basic concept of GDP to
defend landlords against unfair taxation during warfare
between the Dutch and the English between 1652 and
1674.[4] Charles Davenant developed the method further
in 1695. [5] The modern concept of GDP was rst developed by Simon Kuznets for a US Congress report in
1934.[6] In this report, Kuznets warned against its use as a
measure of welfare (see below under limitations and criticisms). After the Bretton Woods conference in 1944,
GDP became the main tool for measuring a countrys
economy.[7] At that time Gross National Product (GNP)
was the preferred estimate, which diered from GDP
in that it measured production by a countrys citizens
at home and abroad rather than its 'resident institutional
units (see OECD denition above). The switch to GDP
was in the 1980s.
The history of the concept of GDP should be distinguished from the history of changes in ways of estimating
it. The value added by rms is relatively easy to calculate from their accounts, but the value added by the public sector, by nancial industries, and by intangible asset
creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their
inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In the words
of one academic economist The actual number for GDP
is therefore the product of a vast patchwork of statistics
and a complicated set of processes carried out on the raw
data to t them to the conceptual framework.[8]

Selection of GDP PPP data (top 10 countries and blocks) in no

particular order

of an economy. It is dened as an aggregate measure of

production equal to the sum of the gross values added
of all resident, institutional units engaged in production
(plus any taxes, and minus any subsidies, on products not
included in the value of their outputs)" by the OECD.[2]

GDP estimates are commonly used to measure the economic performance of a whole country or region, but can
also measure the relative contribution of an industry sector. This is possible because GDP is a measure of 'value
added' rather than sales; it adds each rms value added
(the value of its output minus the value of goods that are Angus Maddison calculated historical GDP gures going
used up in producing it). For example, a rm buys steel back to 1830 and before.
1

2 DETERMINING GDP

Determining GDP

2.2 Income approach

GDP can be determined in three ways, all of which

should, in principle, give the same result. They are
the production (or output or value added) approach, the
income approach, or the expenditure approach.
The most direct of the three is the production approach,
which sums the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the
principle that all of the product must be bought by somebody, therefore the value of the total product must be
[10]
equal to peoples total expenditures in buying things. The Countries by 2014 GDP (nominal) per capita.
income approach works on the principle that the incomes
of the productive factors (producers, colloquially) must
be equal to the value of their product, and determines
GDP by nding the sum of all producers incomes.[9]

2.1

Production approach

This approach mirrors the OECD denition given above.

1. Estimate the gross value of domestic output out of
the many various economic activities;
GDP (PPP) per capita (World bank, 2012).

2. Determine the intermediate consumption, i.e., the

cost of material, supplies and services used to proThe second way of estimating GDP is to use the sum
duce nal goods or services.
of primary incomes distributed by resident producer
3. Deduct intermediate consumption from gross value units.[2]
to obtain the gross value added.
If GDP is calculated this way it is sometimes called gross
domestic income (GDI), or GDP (I). GDI should provide
Gross value added = gross value of output value of in- the same amount as the expenditure method described
termediate consumption.
later. (By denition, GDI = GDP. In practice, however,
Value of output = value of the total sales of goods and measurement errors will make the two gures slightly o
when reported by national statistical agencies.)
services plus value of changes in the inventories.
The sum of the gross value added in the various economic This method measures GDP by adding incomes that rms
pay households for factors of production they hire - wages
activities is known as GDP at factor cost.
for labour, interest for capital, rent for land and prots for
GDP at factor cost plus indirect taxes less subsidies on
entrepreneurship.
products = GDP at producer price.
The US National Income and Expenditure Accounts diFor measuring output of domestic product, economic acvide incomes into ve categories:
tivities (i.e. industries) are classied into various sectors.
After classifying economic activities, the output of each
1. Wages, salaries, and supplementary labour income
sector is calculated by any of the following two methods:
2. Corporate prots
1. By multiplying the output of each sector by their re3. Interest and miscellaneous investment income
spective market price and adding them together
2. By collecting data on gross sales and inventories
from the records of companies and adding them together

4. Farmers incomes
5. Income from non-farm unincorporated businesses

These ve income components sum to net domestic inThe gross value of all sectors is then added to get the gross
come at factor cost.
value added (GVA) at factor cost. Subtracting each sectors intermediate consumption from gross output gives Two adjustments must be made to get GDP:
the GDP at factor cost. Adding indirect tax minus sub1. Indirect taxes minus subsidies are added to get from
sidies in GDP at factor cost gives the GDP at producer
factor cost to market prices.
prices.

2.3

Expenditure approach

2. Depreciation (or capital consumption allowance) is 2.3 Expenditure approach

added to get from net domestic product to gross doThe third way to estimate GDP is to calculate the sum of
mestic product.
the nal uses of goods and services (all uses except intermediate consumption) measured in purchasers prices.[2]
Total income can be subdivided according to various
schemes, leading to various formulae for GDP measured In economics, most things produced are produced for sale
and then sold. Therefore, measuring the total expenditure
by the income approach. A common one is:
of money used to buy things is a way of measuring production. This is known as the expenditure method of calGDP = compensation of employees + gross opculating GDP. Note that if you knit yourself a sweater,
erating surplus + gross mixed income + taxes
it is production but does not get counted as GDP beless subsidies on production and imports
cause it is never sold. Sweater-knitting is a small part
GDP = COE + GOS + GMI + TP & M SP
of the economy, but if one counts some major activi&M
ties such as child-rearing (generally unpaid) as production, GDP ceases to be an accurate indicator of produc Compensation of employees (COE) measures the tion. Similarly, if there is a long term shift from nontotal remuneration to employees for work done. It market provision of services (for example cooking, cleanincludes wages and salaries, as well as employer ing, child rearing, do-it yourself repairs) to market provicontributions to social security and other such pro- sion of services, then this trend toward increased market
provision of services may mask a dramatic decrease in
grams.
actual domestic production, resulting in overly optimistic
Gross operating surplus (GOS) is the surplus due and inated reported GDP. This is particularly a probto owners of incorporated businesses. Often called lem for economies which have shifted from production
prots, although only a subset of total costs are sub- economies to service economies.
tracted from gross output to calculate GOS.
Gross mixed income (GMI) is the same measure as
GOS, but for unincorporated businesses. This often
includes most small businesses.

2.3.1 Components of GDP by expenditure

The sum of COE, GOS and GMI is called total factor income; it is the income of all of the factors of production
in society. It measures the value of GDP at factor (basic) prices. The dierence between basic prices and nal
prices (those used in the expenditure calculation) is the
total taxes and subsidies that the government has levied
or paid on that production. So adding taxes less subsidies
on production and imports converts GDP at factor cost to
GDP(I).
Total factor income is also sometimes expressed as:
Total factor income = employee compensation
+ corporate prots + proprietors income +
rental income + net interest [11]
Yet another formula for GDP by the income method is:

GDP = R + I + P + SA + W
where R : rents
I : interests
P : prots
SA : statistical adjustments (corporate income taxes, dividends, undistributed corporate prots)
W : wages.

Components of U.S. GDP

GDP (Y) is the sum of consumption (C), investment

(I), government spending (G) and net exports (X M).
Y = C + I + G + (X M)
Here is a description of each GDP component:
C (consumption) is normally the largest GDP
component in the economy, consisting of private
(household nal consumption expenditure) in the
economy. These personal expenditures fall under
one of the following categories: durable goods, nondurable goods, and services. Examples include food,

2 DETERMINING GDP
rent, jewelry, gasoline, and medical expenses but Note that C, G, and I are expenditures on nal goods and
does not include the purchase of new housing.
services; expenditures on intermediate goods and services
do not count. (Intermediate goods and services are those
I (investment) includes, for instance, business in- used by businesses to produce other goods and services
vestment in equipment, but does not include ex- within the accounting year.[12] )
changes of existing assets. Examples include construction of a new mine, purchase of software, or According to the U.S. Bureau of Economic Analysis,
purchase of machinery and equipment for a factory. which is responsible for calculating the national accounts
Spending by households (not government) on new in the United States, In general, the source data for
houses is also included in investment. In contrast to the expenditures components are considered more reliits colloquial meaning, investment in GDP does able than those for the income components [see income
[13]
not mean purchases of nancial products. Buying method, below].
nancial products is classed as 'saving', as opposed
to investment. This avoids double-counting: if one 2.3.2 Examples of GDP component variables
buys shares in a company, and the company uses
the money received to buy plant, equipment, etc., C, I, G, and NX(net exports): If a person spends money
the amount will be counted toward GDP when the to renovate a hotel to increase occupancy rates, the spendcompany spends the money on those things; to also ing represents private investment, but if he buys shares in
count it when one gives it to the company would be a consortium to execute the renovation, it is saving. The
to count two times an amount that only corresponds former is included when measuring GDP (in I), the latto one group of products. Buying bonds or stocks is ter is not. However, when the consortium conducted its
a swapping of deeds, a transfer of claims on future own expenditure on renovation, that expenditure would
production, not directly an expenditure on products. be included in GDP.
G (government spending) is the sum of
government expenditures on nal goods and
services. It includes salaries of public servants,
purchases of weapons for the military and any
investment expenditure by a government. It does
not include any transfer payments, such as social
security or unemployment benets.

If a hotel is a private home, spending for renovation would

be measured as consumption, but if a government agency
converts the hotel into an oce for civil servants, the
spending would be included in the public sector spending, or G.

If the renovation involves the purchase of a chandelier

from abroad, that spending would be counted as C, G,
X (exports) represents gross exports. GDP captures or I (depending on whether a private individual, the govthe amount a country produces, including goods and ernment, or a business is doing the renovation), but then
services produced for other nations consumption, counted again as an import and subtracted from the GDP
so that GDP counts only goods produced within the countherefore exports are added.
try.
M (imports) represents gross imports. Imports are
If a domestic producer is paid to make the chandelier for
subtracted since imported goods will be included in
a foreign hotel, the payment would not be counted as C,
the terms G, I, or C, and must be deducted to avoid
G, or I, but would be counted as an export.
counting foreign supply as domestic.
A fully equivalent denition is that GDP (Y) is the sum of
nal consumption expenditure (FCE), gross capital
formation (GCF), and net exports (X M).
Y = FCE + GCF+ (X M)
FCE can then be further broken down by three sectors (households, governments and non-prot institutions serving households) and GCF by ve sectors (non- GDP real growth rates for 2010.
nancial corporations, nancial corporations, households, governments and non-prot institutions serving A production boundary delimits what will be counted
households). The advantage of this second denition is as GDP.
that expenditure is systematically broken down, rstly,
One of the fundamental questions that
by type of nal use (nal consumption or capital formamust be addressed in preparing the national
tion) and, secondly, by sectors making the expenditure,
economic accounts is how to dene the producwhereas the rst denition partly follows a mixed delimtion boundarythat is, what parts of the myritation concept by type of nal use and sector.

5
iad human activities are to be included in or
excluded from the measure of the economic
production.[14]
All output for market is at least in theory included within
the boundary. Market output is dened as that which is
sold for economically signicant prices; economically
signicant prices are prices which have a signicant inuence on the amounts producers are willing to supply
and purchasers wish to buy.[15] An exception is that illegal goods and services are often excluded even if they
are sold at economically signicant prices (Australia and
the United States exclude them).
This leaves non-market output. It is partly excluded and
partly included. First, natural processes without human
involvement or direction are excluded.[16] Also, there
must be a person or institution that owns or is entitled
to compensation for the product. An example of what
is included and excluded by these criteria is given by the
United States national accounts agency: the growth of
trees in an uncultivated forest is not included in production, but the harvesting of the trees from that forest is
included.[17]
Within the limits so far described, the boundary is further
constricted by functional considerations.[18] The Australian Bureau for Statistics explains this: The national
accounts are primarily constructed to assist governments
and others to make market-based macroeconomic policy
decisions, including analysis of markets and factors affecting market performance, such as ination and unemployment. Consequently, production that is, according
to them, relatively independent and isolated from markets, or dicult to value in an economically meaningful way [i.e., dicult to put a price on] is excluded.[19]
Thus excluded are services provided by people to members of their own families free of charge, such as child
rearing, meal preparation, cleaning, transportation, entertainment of family members, emotional support, care of
the elderly.[20] Most other production for own (or ones
familys) use is also excluded, with two notable exceptions which are given in the list later in this section.
Non-market outputs that are included within the boundary are listed below. Since, by denition, they do not
have a market price, the compilers of GDP must impute
a value to them, usually either the cost of the goods and
services used to produce them, or the value of a similar
item that is sold on the market.
Goods and services provided by governments and
non-prot organizations free of charge or for economically insignicant prices are included. The
value of these goods and services is estimated as
equal to their cost of production. This ignores
the consumer surplus generated by an ecient and
eective government supplied infrastructure. For
example, government-provided clean water confers
substantial benets above its cost. Ironically, lack

of such infrastructure which would result in higher

water prices (and probably higher hospital and medication expenditures) would be reected as a higher
GDP. This may also cause a bias that mistakenly favors inecient privatizations since some of the consumer surplus from privatized entities sale of goods
and services are indeed reected in GDP.[21]
Goods and services produced for own-use by businesses are attempted to be included. An example
of this kind of production would be a machine constructed by an engineering rm for use in its own
plant.
Renovations and upkeep by an individual to a home
that she owns and occupies are included. The value
of the upkeep is estimated as the rent that she could
charge for the home if she did not occupy it herself. This is the largest item of production for own
use by an individual (as opposed to a business) that
the compilers include in GDP.[21] If the measure
uses historical or book prices for real estate, this
will grossly underestimate the value of the rent in
real estate markets which have experienced signicant price increases (or economies with general ination). Furthermore, depreciation schedules for
houses often accelerate the accounted depreciation
relative to actual depreciation (a well-built house can
be lived in for several hundred years a very long
time after it has been fully depreciated). In summary, this is likely to grossly underestimate the value
of existing housing stock on consumers actual consumption or income.
Agricultural production for consumption by oneself
or ones household is included.
Services (such as chequeing-account maintenance
and services to borrowers) provided by banks and
other nancial institutions without charge or for a
fee that does not reect their full value have a value
imputed to them by the compilers and are included.
The nancial institutions provide these services by
giving the customer a less advantageous interest rate
than they would if the services were absent; the value
imputed to these services by the compilers is the difference between the interest rate of the account with
the services and the interest rate of a similar account
that does not have the services. According to the
United States Bureau for Economic Analysis, this is
one of the largest imputed items in the GDP.[22]

3 GDP vs GNI
GDP can be contrasted with gross national product
(GNP) or, as it is now known, gross national income
(GNI). The dierence is that GDP denes its scope according to location, while GNI denes its scope according

NOMINAL GDP AND ADJUSTMENTS TO GDP

to ownership. In a global context, world GDP and world ganizations normally do not have access to the informaGNI are, therefore, equivalent terms.
tion required (especially information on expenditure and
GDP is product produced within a countrys borders; production by governments).
GNI is product produced by enterprises owned by a countrys citizens. The two would be the same if all of the productive enterprises in a country were owned by its own
citizens, and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within a countrys borders, but by an enterprise
owned by somebody outside the country, counts as part
of its GDP but not its GNI; on the other hand, production
by an enterprise located outside the country, but owned
by one of its citizens, counts as part of its GNI but not its
GDP.
For example, the GNI of the USA is the value of output
produced by American-owned rms, regardless of where
the rms are located. Similarly, if a country becomes increasingly in debt, and spends large amounts of income
servicing this debt this will be reected in a decreased
GNI but not a decreased GDP. Similarly, if a country
sells o its resources to entities outside their country this
will also be reected over time in decreased GNI, but not
decreased GDP. This would make the use of GDP more
attractive for politicians in countries with increasing national debt and decreasing assets.

Main article: National agencies responsible for GDP

measurement

3.3 Interest rates

Net interest expense is a transfer payment in all sectors
except the nancial sector. Net interest expenses in the
nancial sector are seen as production and value added
and are added to GDP.

4 Nominal GDP and adjustments

to GDP

The raw GDP gure as given by the equations above is

called the nominal, historical, or current, GDP. When one
compares GDP gures from one year to another, it is desirable to compensate for changes in the value of money
i.e., for the eects of ination or deation. To make it
more meaningful for year-to-year comparisons, it may be
multiplied by the ratio between the value of money in the
Gross national income (GNI) equals GDP plus income re- year the GDP was measured and the value of money in a
ceipts from the rest of the world minus income payments base year.
to the rest of the world.[23]
For example, suppose a countrys GDP in 1990 was $100
million and its GDP in 2000 was $300 million. Suppose
also that ination had halved the value of its currency over
that period. To meaningfully compare its GDP in 2000 to
its GDP in 1990, we could multiply the GDP in 2000 by
one-half, to make it relative to 1990 as a base year. The
result would be that the GDP in 2000 equals $300 million one-half = $150 million, in 1990 monetary terms.
3.1 International standards
We would see that the countrys GDP had realistically increased 50 percent over that period, not 200 percent, as it
The international standard for measuring GDP is might appear from the raw GDP data. The GDP adjusted
contained in the book System of National Accounts for changes in money value in this way is called the real,
(1993), which was prepared by representatives of or constant, GDP.
the International Monetary Fund, European Union,
Organization for Economic Co-operation and Develop- The factor used to convert GDP from current to conment, United Nations and World Bank. The publication stant values in this way is called the GDP deator. Unlike
is normally referred to as SNA93 to distinguish it from consumer price index, which measures ination or deathe previous edition published in 1968 (called SNA68) tion in the price of household consumer goods, the GDP
deator measures changes in the prices of all domesti[26]
cally produced goods and services in an economy includSNA93 provides a set of rules and procedures for the ing investment goods and government services, as well as
measurement of national accounts. The standards are de- household consumption goods.[27]
signed to be exible, to allow for dierences in local staConstant-GDP gures allow us to calculate a GDP growth
tistical needs and conditions.
rate, which indicates how much a countrys production
has increased (or decreased, if the growth rate is negative)
compared to the previous year.
3.2 National measurement
In 1991, the United States switched from using GNP
to using GDP as its primary measure of production.[24]
The relationship between United States GDP and GNP is
shown in table 1.7.5 of the National Income and Product
Accounts.[25]

Within each country GDP is normally measured by a national government statistical agency, as private sector or-

Real GDP growth rate for year n = [(Real GDP

in year n) (Real GDP in year n 1)] / (Real

7
GDP in year n 1)

There is a clear pattern of the purchasing power parity

method decreasing the disparity in GDP between high
Another thing that it may be desirable to account for and low income (GDP) countries, as compared to the curis population growth. If a countrys GDP doubled over rent exchange rate method. This nding is called the Penn
a certain period, but its population tripled, the increase eect.
in GDP may not mean that the standard of living in- For more information, see Measures of national income
creased for the countrys residents; the average person and output.
in the country is producing less than they were before.
Per-capita GDP is a measure to account for population
growth.
6 Per unit GDP

Cross-border comparison and

purchasing power parity

The level of GDP in dierent countries may be compared

by converting their value in national currency according
to either the current currency exchange rate, or the purchasing power parity exchange rate.
Current currency exchange rate is the exchange
rate in the international foreign exchange market.
Purchasing power parity exchange rate is the exchange rate based on the purchasing power parity
(PPP) of a currency relative to a selected standard
(usually the United States dollar). This is a comparative (and theoretical) exchange rate, the only way to
directly realize this rate is to sell an entire CPI basket
in one country, convert the cash at the currency market rate & then rebuy that same basket of goods in
the other country (with the converted cash). Going
from country to country, the distribution of prices
within the basket will vary; typically, non-tradable
purchases will consume a greater proportion of the
baskets total cost in the higher GDP country, per
the Balassa-Samuelson eect.

GDP is an aggregate gure that does not consider diering sizes of nations. Therefore, GDP can be stated as
GDP per capita (per person) in which total GDP is divided by the resident population on a given date, GDP
per citizen where total GDP is divided by the numbers of
citizens residing in the country on a given date, and less
commonly GDP per unit of a resource input, such as GDP
per GJ of energy or Gross domestic product per barrel.
GDP per citizen in the above case is similar to GDP per
capita in most nations. However, in nations with very high
proportions of temporary foreign workers like in Persian
Gulf nations, the two gures can be vastly dierent.
Source:Helgi Library,[28] World Bank

7 Standard of living and GDP:

Wealth distribution and externalities

GDP per capita is often used as an indicator of living standards.[29] Notably on the rationale that all citizens would benet from their countrys increased economic production as it leads to an increase in consumption opportunities which in turn increases the standard of
living.[30] Similarly, GDP per capita is not a measure of
personal income. In fact GDP may increase while real
The ranking of countries may dier signicantly based on incomes for the majority decline.
which method is used.
The major advantage of GDP per capita as an indicator of
The current exchange rate method converts the standard of living is that it is measured frequently, widely,
value of goods and services using global currency and consistently. It is measured frequently in that most
exchange rates. The method can oer better indica- countries provide information on GDP on a quarterly bations of a countrys international purchasing power. sis, allowing trends to be seen quickly. It is measured
For instance, if 10% of GDP is being spent on buy- widely in that some measure of GDP is available for aling hi-tech foreign arms, the number of weapons most every country in the world, allowing inter-country
purchased is entirely governed by current exchange comparisons. It is measured consistently in that the techrates, since arms are a traded product bought on the nical denition of GDP is relatively consistent among
international market. There is no meaningful 'local' countries.
price distinct from the international price for high
technology goods.nanks 10th by nominal GDP, but
3rd by PPP. The PPP method of GDP conversion
is more relevant to non-traded goods and services.
In the above example if hi-tech weapons are to be
produced internally their amount will be governed
by GDP(PPP) rather than nominal GDP.

GDP is a neutral measure which merely shows an economys general ability to pay for externalities such as social
and environmental concerns.[31] In essence it is intended
to be a measure of total national economic activity a
separate concept. As a consequence GDP not does include several factors that inuence the standard of living.
In particular, it fails to account for:

7 STANDARD OF LIVING AND GDP: WEALTH DISTRIBUTION AND EXTERNALITIES

Wealth distribution GDP does not account
for variances in incomes of various demographic
groups. See income inequality metrics for discussion of a variety of inequality-based economic
measures.[32]
Non-market transactionsGDP excludes activities that are not provided through the market, such as
household production and volunteer or unpaid services. As a result, GDP is understated. The work of
New Zealand economist Marilyn Waring has highlighted that if a concerted attempt to factor in unpaid
work were made, then it would in part undo the injustices of unpaid (and in some cases, slave) labour,
and also provide the political transparency and accountability necessary for democracy.
Underground economy ocial GDP estimates
may not take into account the underground economy, in which transactions contributing to production, such as illegal trade and tax-avoiding
activities, are unreported, causing GDP to be
underestimated.[32]
Asset value GDP does not take into account the
value of all assets in an economy. This is akin to
ignoring a companys balance sheet, and judging it
solely on the basis of its income statement.
Non-monetary economy GDP omits economies
where no money comes into play at all, resulting
in inaccurate or abnormally low GDP gures. For
example, in countries with major business transactions occurring informally, portions of local economy are not easily registered. Bartering may be
more prominent than the use of money, even extending to services.[32]
GDP also ignores subsistence production.

The economic value of health care is another classic

exampleit may raise GDP if many people are sick
and they are receiving expensive treatment, but it is
not a desirable situation. Alternative economic estimates, such as the standard of living or discretionary
income per capita try to measure the human utility
of economic activity. See uneconomic growth.[32]
Sustainability of growth GDP is a measurement
of economic historic activity and is not necessarily
a projection. A country may achieve a temporarily
high GDP from use of natural resources or by misallocating investment.
Nominal GDP does not measure variations in purchasing power or costs of living by area, so when
the GDP gure is deated over time, GDP growth
can vary greatly depending on the basket of goods
used and the relative proportions used to deate the
GDP gure.
Cross-border comparisons of GDP can be inaccurate as they do not take into account local dierences in the quality of goods, even when adjusted for
purchasing power parity. This type of adjustment to
an exchange rate is controversial because of the difculties of nding comparable baskets of goods to
compare purchasing power across countries. For instance, people in country A may consume the same
number of locally produced apples as in country B,
but apples in country A are of a more tasty variety. This dierence in material well being will not
show up in GDP statistics. This is especially true for
goods that are not traded globally, such as houses.
Externalities Economic growth usually entails an
increase in negative externalities that cannot directly
be measured by GDP[30][32]

Quality improvements and inclusion of new It can be argued that GDP per capita as an indicator stanproducts by not adjusting for quality improve- dard of living can be proven through these factors:[29][33]
ments and new products, GDP understates true
economic growth. For instance, although comput More goods and services are available to consumers
ers today are less expensive and more powerful than
computers from the past, GDP treats them as the
Consumers are in a better position to buy goods.
same products by only accounting for the monetary
Productivity correlates with standard of living, and
value. The introduction of new products is also difGDP per capita takes this into account.
cult to measure accurately and is not reected in
GDP despite the fact that it may increase the stan People who live in countries with higher real GDP
dard of living. For example, even the richest perper capita tend to be more educated and live longer.
son in 1900 could not purchase standard products,
such as antibiotics and cell phones, that an average
Goods and services are a key element of economic
consumer can buy today, since such modern convewell-being.
niences did not exist then.
What is being produced GDP counts work that
produces no net change or that results from repairing harm. For example, rebuilding after a natural disaster or war may produce a considerable
amount of economic activity and thus boost GDP.

GDP per capita as a standard of living is a continued usage because of that fact that people have a fairly accurate
idea of what it is and that it is tough to come up with quantitative measures for things like wellbeing, quality of life,
and happiness.[29]

9
In conclusion, the argument for using GDP as a standard- world, and, therefore, has little or no value in economic
of-living proxy is not that it is a good indicator of the analysis. Says Shostak:[35]
absolute level of standard of living, but that living standards tend to move with per-capita GDP, so that changes
The GDP framework cannot tell us
in living standards are readily detected through changes
whether nal goods and services that were
in GDP.
produced during a particular period of time
are a reection of real wealth expansion,
or a reection of capital consumption. For
instance, if a government embarks on the
8 Limitations and criticisms
building of a pyramid, which adds absolutely
nothing to the well-being of individuals, the
Simon Kuznets, the economist who developed the rst
GDP framework will regard this as economic
comprehensive set of measures of national income, stated
growth. In reality, however, the building of
in his rst report to the US Congress in 1934, in a
the pyramid will divert real funding from
section titled Uses and Abuses of National Income
wealth-generating activities, thereby stiing
[6]
Measurements":
the production of wealth.
The valuable capacity of the human mind
to simplify a complex situation in a compact
characterization becomes dangerous when not
controlled in terms of denitely stated criteria.
With quantitative measurements especially, the
deniteness of the result suggests, often misleadingly, a precision and simplicity in the outlines of the object measured. Measurements of
national income are subject to this type of illusion and resulting abuse, especially since they
deal with matters that are the center of conict
of opposing social groups where the eectiveness of an argument is often contingent upon
oversimplication. [...]
All these qualications upon estimates of
national income as an index of productivity are
just as important when income measurements
are interpreted from the point of view of economic welfare. But in the latter case additional
diculties will be suggested to anyone who
wants to penetrate below the surface of total
gures and market values. Economic welfare
cannot be adequately measured unless the personal distribution of income is known. And no
income measurement undertakes to estimate
the reverse side of income, that is, the intensity and unpleasantness of eort going into the
earning of income. The welfare of a nation can,
therefore, scarcely be inferred from a measurement of national income as dened above.
In 1962, Kuznets stated:[34]
Distinctions must be kept in mind between
quantity and quality of growth, between costs
and returns, and between the short and long
run. Goals for more growth should specify
more growth of what and for what.
Austrian School economist Frank Shostak has argued that
GDP is an empty abstraction devoid of any link to the real

So what are we to make out of the periodical pronouncements that the economy, as depicted by real GDP, grew by a particular percentage? All we can say is that this percentage
has nothing to do with real economic growth
and that it most likely mirrors the pace of monetary pumping. We can thus conclude that the
GDP framework is an empty abstraction devoid of any link to the real world.
The UKs Natural Capital Committee highlighted the
shortcomings of GDP in its advice to the UK Government in 2013, pointing out that GDP focusses on ows,
not stocks. As a result an economy can run down its assets
yet, at the same time, record high levels of GDP growth,
until a point is reached where the depleted assets act as a
check on future growth. They then went on to say that
it is apparent that the recorded GDP growth rate overstates the sustainable growth rate. Broader measures of
wellbeing and wealth are needed for this and there is a
danger that short-term decisions based solely on what is
currently measured by national accounts may prove to be
costly in the long-term.
Many environmentalists argue that GDP is a poor measure of social progress because it does not take into account harm to the environment.[36][37]
In 1989 Herman Daly and John B. Cobb developed the
Index of Sustainable Economic Welfare (ISEW), which
they proposed as a more valid measure of socio-economic
progress, by taking into account various other factors such
as consumption of non-renewable resources and degradation of the environment.

9 Lists of countries by their GDP

Lists of countries by GDP
List of countries by GDP (nominal), (per capita)
List of continents by GDP (nominal)

10

10 LIST OF OTHER APPROACHES TO THE MEASUREMENT OF (ECONOMIC) PROGRESS

List of countries by GDP (PPP), (per capita), (per

hour)
List of countries by GDP (real) growth rate, (per
capita)
List of countries by GDP sector composition
List of countries by future GDP estimates (PPP),
(per capita), (nominal)

10

List of other approaches to

the measurement of (economic)
progress

Human development index (HDI) up until 2009

report HDI used GDP as a part of its calculation and
then factors in indicators of life expectancy and education levels. In 2010 the GDP component has been
replaced with GNI.
Genuine progress indicator (GPI) or Index of Sustainable Economic Welfare (ISEW) The GPI and
the ISEW attempt to address many of the above criticisms by taking the same raw information supplied
for GDP and then adjust for income distribution,
add for the value of household and volunteer work,
and subtract for crime and pollution.
European Quality of Life Survey The survey, rst
published in 2005, assessed quality of life across
European countries through a series of questions
on overall subjective life satisfaction, satisfaction
with dierent aspects of life, and sets of questions
used to calculate decits of time, loving, being and
having.[38]
Gross national happiness The Centre for
Bhutanese Studies in Bhutan is working on a
complex set of subjective and objective indicators
to measure 'national happiness in various domains
(living standards, health, education, eco-system diversity and resilience, cultural vitality and diversity,
time use and balance, good governance, community
vitality and psychological well-being). This set of
indicators would be used to assess progress towards
gross national happiness, which they have already
identied as being the nations priority, above GDP.
Happy Planet Index The happy planet index (HPI)
is an index of human well-being and environmental
impact, introduced by the New Economics Foundation (NEF) in 2006. It measures the environmental
eciency with which human well-being is achieved
within a given country or group. Human well-being
is dened in terms of subjective life satisfaction and
life expectancy while environmental impact is dened by the Ecological Footprint.

OECD Better Life Index - The better lives compendium of indicators produced in 2011 reects
some 10 years by the organisation to develop a wider
of set of indicators more closely attuned to the measurement of wellbeing or welfare outcomes. There
is felt to be considerable convergence (in 2011) in
high income countries about the kinds of dimensions
that should be included in such multi-dimensional
approaches to welfare measurement - see for instance the capabilities measurement research project
capabilities approach.
Composite Wealth Indicators Namely yearly material wealth (an amended version of GNI to include depletion of natural resources and the costs
of pollution), biological wealth (measured through
life expectancy) and thus expected material wealth
(or physical wealth), a linear combination of biological and yearly material wealth (the amount of material wealth expected to be produced by an individual
during his/her lifetime).[39]
Future Orientation Index - Tobias Preis et al. used
Google Trends data to demonstrate that Internet
users from countries with a higher per capita gross
domestic product (GDP) are more likely to search
for information about the future than information
about the past. The ndings, published in the journal Scientic Reports, suggest there may be a link
between online behaviour and real-world economic
indicators.[40][41][42] The authors of the study examined Google search queries made by Internet users
in 45 dierent countries in 2010 and calculated the
ratio of the volume of searches for the coming year
('2011') to the volume of searches for the previous
year ('2009'), which they call the 'future orientation index'.[43] They compared the future orientation index to the per capita GDP of each country
and found a strong tendency for countries in which
Google users enquire more about the future to exhibit a higher GDP. The results hint that there may
potentially be a relationship between the economic
success of a country and the information-seeking behaviour of its citizens online.
World Governance Index - Basing their work on the
United Nations Millennium Declaration, which was
the subject of unprecedented U.N. consensus among
the heads of state and government who adopted it
in 2000, a team of researchers of the Forum for
a new World Governance (FnWG) focused its research on the ve main concepts dening the application framework of world governance and constituting key goals to be reached by 2015: Peace
and Security; Democracy and Rule of Law; Human
Rights and Participation; Sustainable Development
and Human Development
Social Progress Index - measures the extent to which
countries provide for the social and environmental

11
needs of their citizens. Fifty-two indicators in the
areas of basic human needs, foundations of wellbeing, and opportunity show the relative performance
of nations. The index uses outcome measures when
there is sucient data available or the closest possible proxies.

11

See also

Annual average GDP growth

Chained volume series
Circular ow of income
GDP density
Gross output
Gross regional domestic product
Gross state product
Gross value added
Gross world product
Intermediate consumption
Inventory investment
List of countries by average wage
List of countries by household income
List of countries by GDP (nominal)
List of countries by GDP (nominal) per capita
List of countries by GDP (PPP)
List of countries by GDP (PPP) per capita
List of economic reports by U.S. government agencies
Misery index (economics)
National average salary
Potential output
Production (economics)
Real gross domestic product

12 Notes and references

[1] GDP (Ocial Exchange Rate)". CIA World Factbook.
Retrieved June 2, 2012.
[2] OECD. Retrieved 14 August 2014.
[3] Dawson, Graham (2006). Economics and Economic
Chenge.
FT / Prentice Hall.
p.
205.
ISBN
9780273693512.
[4] Petty impressive. The Economist. Retrieved August 1,
2015.
[5] Coyle, Diane. Warfare and the Invention of GDP. The
Globalist. Retrieved August 1, 2015.
[6] Congress commissioned Kuznets to create a system that
would measure the nations productivity in order to better
understand how to tackle the Great Depression.Simon
Kuznets, 1934. National Income, 19291932. 73rd US
Congress, 2d session, Senate document no. 124, page 5-7
Simon Kuznets, 1934. National Income, 19291932.
73rd US Congress, 2d session, Senate document no.
124, page 5-7 Simon Kuznets, 1934. National Income,
19291932. 73rd US Congress, 2d session, Senate
document no. 124, page 5-7. https://fraser.stlouisfed.
org/scribd/?title_id=971&filepath=/docs/publications/
natincome_1934/19340104_nationalinc.pdf
[7] Dickinson, Elizabeth. GDP: a brief history. ForeignPolicy.com. Retrieved 25 April 2012.
[8] Coyle, Diane (2014). GDP: A Brief but Aectionate
History. Princeton University Press. p. 6. ISBN
9780691156798.
[9] World Bank, Statistical Manual >> National Accounts >>
GDPnal output, retrieved October 2009.
Users guide: Background information on GDP and GDP
deator. HM Treasury.
Measuring the Economy: A Primer on GDP and the National Income and Product Accounts (PDF). Bureau of
Economic Analysis.
[10] Based on the IMF data. If no data was available for a
country from IMF, I used WorldBank data.
[11] United States Bureau of Economic Analysis, A guide to
the National Income and Product Accounts of the United
States PDF, page 5; retrieved November 2009. Another
term, business current transfer payments, may be added.
Also, the document indicates that the capital consumption adjustment (CCAdj) and the inventory valuation adjustment (IVA) are applied to the proprietors income and
corporate prots terms; and CCAdj is applied to rental
income.
[12] Thayer Watkins, San Jos State University Department of
Economics, Gross Domestic Product from the Transactions Table for an Economy, commentary to rst table,
" Transactions Table for an Economy. (Page retrieved
November 2009.)
[13] Concepts and Methods of the United States National Income and Product Accounts, chap. 2.

12

13 FURTHER READING

[14] BEA, Concepts and Methods of the United States National

Income and Product Accounts, p 12.

[33] How Real GDP per Capita Aects the Standard of Living. Study.com.

[15] Australian National Accounts: Concepts, Sources and

Methods, 2000, sections 3.5 and 4.15.

[34] Simon Kuznets. How To Judge Quality. The New Republic, October 20, 1962

[16] This and the following statement on entitlement to compensation are from Australian National Accounts: Concepts, Sources and Methods, 2000, section 4.6.

[35] Frank Shostak. What is up with the GDP?".

[17] Concepts and Methods of the United States National Income and Product Accounts, page 2-2.

[36] The Virtues of Ignoring GDP http://www.thebrokeronline.

eu/Articles/The-virtues-of-ignoring-GDP

[18] Concepts and Methods of the United States National Income and Product Accounts, page 2-2.

[37] The Rise and Fall of G.D.P. http://www.nytimes.com/

2010/05/16/magazine/16GDP-t.html?pagewanted=all

[19] Australian National Accounts: Concepts, Sources and

Methods, 2000, section 4.4.

[38] First European Quality of Life Survey.

[20] Concepts and Methods of the United States National Income and Product Accounts, page 2-2; and Australian National Accounts: Concepts, Sources and Methods, 2000,
section 4.4.
[21] Concepts and Methods of the United States National Income and Product Accounts, page 2-4.
[22] Concepts and Methods of the United States National Income and Product Accounts, page 2-5.
[23] Lequiller, Franois; Derek Blades (2006). Understanding
National Accounts. OECD. p. 18. ISBN 978-92-6402566-0. To convert GDP into GNI, it is necessary to
add the income received by resident units from abroad and
deduct the income created by production in the country
but transferred to units residing abroad.
[24] United States, Bureau of Economic Analysis, Glossary,
GDP. Retrieved November 2009.
[25] U.S. Department of Commerce. Bureau of Economic
Analysis. Bea.gov. 2009-10-21. Retrieved 2010-07-31.

[39] See Emanuele Felice, Neither dashboard nor 'mashup'

indices: an empirical wealth approach as a pathway to
a comprehensive measure of development, http://www.
h-economica.uab.es/wps/2012_01.pdf
[40] Tobias Preis, Helen Susannah Moat, H. Eugene Stanley and Steven R. Bishop (2012). Quantifying the
Advantage of Looking Forward. Scientic Reports 2:
350. doi:10.1038/srep00350. PMC 3320057. PMID
22482034.
[41] Paul Marks (April 5, 2012). Online searches for future
linked to economic success. New Scientist. Retrieved
April 9, 2012.
[42] Casey Johnston (April 6, 2012). Google Trends reveals
clues about the mentality of richer nations. Ars Technica.
Retrieved April 9, 2012.
[43] Tobias Preis (2012-05-24). Supplementary Information:
The Future Orientation Index is available for download
(PDF). Retrieved 2012-05-24.

[26] National Accounts. Central Bureau of Statistics. Retrieved 2011-06-29.

[27] HM Treasury, Background information on GDP and GDP
deator
Some of the complications involved in comparing national
accounts from dierent years are explained in this World
Bank document.
[28] |
http://helgilibrary.com/indicators/index/
gdp-per-capita-current-usd GDP Per Capita (Current USD) | 2014-02-10
[29] How Do We Measure Standard of Living?" (PDF). The
Federal Reserve Bank of Boston.
[30] Mankiw, N.G.; Taylor, M.P. (2011). Economics (2nd ed.,
revised ed.). Andover: Cengage Learning.
[31] Eric Zencey-G.D.P. R.I.P..
2009. Retrieved 2011-01-31.

Nytimes.com.

August

[32] Macroeconomics - GDP and Welfare. Retrieved 201502-21.

13 Further reading
Coyle, Diane (2014). GDP: A Brief but Aectionate
History. Princeton, NJ: Princeton University Press.
ISBN 978-0-691-15679-8.
Australian Bureau for Statistics, Australian National
Accounts: Concepts, Sources and Methods, 2000.
Retrieved November 2009. In depth explanations
of how GDP and other national accounts items are
determined.
United States Department of Commerce, Bureau of
Economic Analysis, Concepts and Methods of the
United States National Income and Product Accounts
PDF. Retrieved November 2009. In depth explanations of how GDP and other national accounts items
are determined.

14.3

Articles and books

14

External links

14.1

13
Whether output and CPI ination are mismeasured,
by Nouriel Roubini and David Backus, in Lectures
in Macroeconomics

Global

Rodney Edvinsson, Growth, Accumulation, Crisis:

With New Macroeconomic Data for Sweden 1800
2000 PDF

World GDP Chart (since 1960)

OECD GDP chart

GDP-indexed bonds

Cliord Cobb, Ted Halstead and Jonathan Rowe.

If the GDP is up, why is America down?" The
Atlantic Monthly, vol. 276, no. 4, October 1995,
pages 5978

World Development Indicators (WDI)

Jerorn C.J.M. van den Bergh, "Abolishing GDP"

UN Statistical Databases

GDP and GNI in OECD Observer No246-247, Dec

2004-Jan 2005

Australian Bureau of Statistics Manual on GDP

measurement

14.2

Progress, what progress? in OECD Observer No272

March 2009

Data

Bureau of Economic Analysis:

States GDP data

Ocial United

Historicalstatistics.org: Links to historical statistics

on GDP for dierent countries and regions, maintained by the Department of Economic History at
Stockholm University.
Quandl - GDP by country - downloadable in CSV,
Excel, JSON or XML
Historical US GDP (yearly data), 1790present,
maintained by Samuel H. Williamson and Lawrence
H. Ocer, both professors of economics at the
University of Illinois at Chicago.
Historical US GDP (quarterly data), 1947present
Google public data: GDP and Personal Income of
the U.S. (annual): Nominal Gross Domestic Product
The Maddison Project of the Groningen Growth and
Development Centre at the University of Groningen, the Netherlands. This project continues and
extends the work of Angus Maddison in collating
all the available, credible data estimating GDP for
dierent countries around the world. This includes
data for some countries for over 2,000 years back to
1 CE and for essentially all countries since 1950.

14.3

Articles and books

Gross Domestic Product: An Economys All,

International Monetary Fund.
Stiglitz JE, Sen A, Fitoussi J-P. Mismeasuring our
Lives: Why GDP Doesn't Add Up, New Press, New
York, 2010
Whats wrong with the GDP?
Limitations of GDP Statistics by Robert Schenk.

14

15

15
15.1

TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES

Text and image sources, contributors, and licenses

Text

Gross domestic product Source: https://en.wikipedia.org/wiki/Gross_domestic_product?oldid=676129847 Contributors: AxelBoldt,

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Lartoven, Stevewaller, I Enjoy Commenting, Loools, Bur, Markie doom, Sharathd, Bonewah, Moberg, Matthew Desjardins, Chaosdruid,
Thingg, Aitias, V i P, PotentialDanger, Mythdon, Goodvac, Cournot, XLinkBot, Kw27, Nannan123, Rror, Dthomsen8, Pgallert, Sepes,
WikHead, Pa68, Jo Alem, The Aviv, Mifter, Kolacinski, Jd027, Abebe45, ZooFari, Wikipire, Addbot, Finder222, Krawndawg, Some
jerk on the Internet, Lgm821, Niall4fran, Jeanmark04, Ronhjones, Camillaschippa, Fieldday-sunday, CanadianLinuxUser, Leszek Jaczuk,
Creionul, MrOllie, LaaknorBot, Chamal N, Casperdc, Jamiechilders, Favonian, Exor674, LinkFA-Bot, 5 albert square, Mitch Skinner,
Ehrenkater, Tide rolls, Vanished user 38hfun34tunkewj4t, OlEnglish, Krano, Apteva, Teles, Gail, Zorrobot, Eb, Thatoneguy89, Ettrig,
Legobot, Luckas-bot, AadaamS, Yobot, DvK, Fraggle81, Be so empty without me, Nirvana888, Anigma10363, Mmxx, Carleas, THEN
WHO WAS PHONE?, Runningdoglackey, KamikazeBot, Johanesw, Eric-Wester, Tempodivalse, AnomieBOT, Archon 2488, Galoubet,
Unit226, World aairs, Kingpin13, NickK, Flewis, Ithaka84, Materialscientist, Citation bot, Maxis ftw, Vulcan Hephaestus, Maru4u,
Xqbot, Bakerccm, Dowjgyta, Timir2, Capricorn42, DSisyphBot, Steveneustace, Axan.bulut, Wilkos, The Evil IP address, Joshsmith65536,
Julle, Lam-ang, Nikkon~enwiki, Omnipaedista, Shirik, Hoddyman, SassoBot, Amaury, Rstln3, Sqgl, Smallman12q, Sesu Prime, Grinofwales, Ahuey123, Liridon, Y4cy, Ong saluri, Michael93555, Bob Finkley, Meux33, Jamesooders, CircleAdrian, Cannolis, Foobar35,

15.2

Images

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Aamirhatif, Biker Biker, SpacemanSpi, Pinethicket, I dream of horses, Rushbugled13, Rishsn, Rovanion, Pristino, Jirka.h23, 155ws,
Elekhh, FoxBot, TobeBot, A-tron, Jonkerz, Attila.lendvai, Comet Tuttle, Kmw2700, Vrenator, Duoduoduo, Theo10011, Lneal001, Hugh
Small, Antarctica365, Suusion of Yellow, Tbhotch, Bluemoons, Mean as custard, The Utahraptor, IANVS, Polly Ticker, BobbyChristmas,
Dwvisser, EmausBot, John of Reading, WikitanvirBot, WeiszGypsy305, Ibdbgr, Charles2711, Manogor, Tommy2010, RememberingLife,
Wikipelli, Aeiuthhiet, Walrus1234567, Dacker13, John Cline, Illegitimate Barrister, DavidMCEddy, F, Josve05a, Tulandro, Arrala,
Anand deadly, Marlgryd, Everard Proudfoot, Git2010, Hydriz, Gumbick, J-Playah, Staszek Lem, TyA, Rajatfrequent, Gsarwa, Donner60,
Pun, ChuispastonBot, Wakebrdkid, TYelliot, Nijusby, DASHBotAV, 28bot, Tomzuk, Budavari1970, ClueBot NG, Gareth GrithJones, Jack Greenmaven, MarginalCost, Somedierentstu, Loew Galitz, Alexhch, Shaun courtice, Primergrey, Muon, Mortenmallorca, Widr, Theopolisme, Jk2q3jrklse, Helpful Pixie Bot, Dlsterling, HMSSolent, Gob Lofa, DBigXray, Guest2625, BG19bot, Ahendrl,
Jpinkevi, Rtaitm, Walk&check, Juro2351, Amelapay, Kndimov, Hallows AG, HIDECCHI001, Patrick750, Jim Sukwutput, Defabc456123,
Mark Arsten, Suzi kaur, Cadiomals, Gayathri47, Altar, Eztoastbom, Bilderbear, Jayadevp13, TrueBisector, Polmandc, Glacialfox, Erigra, Rocketrick217, Bigsam087, Anbu121, Royal888, Sadib en, Shahnawaz243, BattyBot, Liam987, Baboshgastringo, TheCascadian,
KATANAGOD, Cyberbot II, ChrisGualtieri, JBrown23, Mediran, Benjamin890, Ducknish, Legalise-regulate-enjoy, MrNiceGuy1113,
GrowsWalt, AutomaticStrikeout, Dexbot, Stanley dale, Sae Harshberger, Webclient101, Geremy.Hebert, Graphium, The Anonymouse,
TheWikiTroll500, BeachComber1972, Bontairo, Epicgenius, Eyesnore, SamX, DavidLeighEllis, Quandapanda, LouisAragon, RubleuleR,
Evil Connor, Bronx Discount Liquor, Kkkaaaiii, Whizz40, Aeroid, , Rebanna8*, Skr15081997, Csusarah, Fdhgjkhafdgh, ParacusForward, Crossswords, Monkbot, Cctush, Filedelinkerbot, SantiLak, Boba22CZ, Pranavashu, Dromore45, DailyEconomic, Sciophobiaranger,
Amortias, Ksjdhhdhbehehw, Alexlenk, Brianrisk, Apenuta, Econ404, Harusmakan, Mahada123, Hellobud0, Lonestar100, Victoriaaguirre,
KasparBot, NiceTry kasier, Sadib and Anonymous: 1491

15.2

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15.3

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