X22Report: America's GDP/Jobs Comeback Relies On This Industry!:Malay Panchal -Video

X22Report Spotlight

Published on Jul 22, 2018

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Today’s Guest: Lior Gantz & Malay Panchal

Website: Pure Global http://pureglobal.com

Wealth Research Group http://weatlhresearchgroup.com

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“GDP” redirects here. For other uses, see GDP (disambiguation).

A map of world economies by size of GDP (nominal) in USD, World Bank, 2014^[1]

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period (quarterly or yearly) of time. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Nominal GDP 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 differences in living standards between different nations.

Definition[edit]

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 (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).”^[2] An IMF publication states that “GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year).”^[3]

Total GDP can also be broken down into the contribution of each industry or sector of the economy.^[4] 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. GDP is considered the “world’s most powerful statistical indicator of national development and progress”.^[5]