Gross domestic product

GDP redirects here. For other uses, see GDP (disam- 1 Denition
biguation).
Gross domestic product (GDP) is a monetary measure The OECD denes 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
nal goods and services - that is, those that are bought by
the nal 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 relative contribution of each industry or sector of the economy.[4]
A map of world economies by size of GDP (nominal) in USD,
World Bank, 2014.[1]

2 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.[5] Charles Davenant developed the method further
in 1695.[6] The modern concept of GDP was rst developed by Simon Kuznets for a US Congress report in
1934.[7] 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.[8] 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 from
GNP to GDP in the US was in 1991, trailing behind
most other nations.
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.[9]

Selection of GDP PPP data (top 10 countries and blocks, 2016)

in no particular order

of the market value of all nal goods and services produced in a period (quarterly or yearly). 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, reect dierences in the cost of living and
the ination rates of the countries; therefore using a GDP
PPP per capita basis is arguably more useful when comparing dierences in living standards between nations.
1

3 DETERMINING GROSS DOMESTIC PRODUCT (GDP)

Determining gross
product (GDP)

domestic

the GDP at factor cost. Adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer
prices.

GDP can be determined in three ways, all of which

should, in principle, give the same result. They are 3.2
the production (or output or value added) approach, the
income approach, or the expenditure approach.

Income 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
equal to peoples total expenditures in buying things. The
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 List of countries by GDP (PPP) per capita by 2014 International
Monetary Fund.
GDP by nding the sum of all producers incomes.[10]

3.1

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;
2. Determine the intermediate consumption, i.e., the
cost of material, supplies and services used to proCountries by 2015 GDP (nominal) per capita.[11]
duce nal goods or services.
3. Deduct intermediate consumption from gross value
to obtain the gross value added.
Gross value added = gross value of output value of intermediate consumption.
Value of output = value of the total sales of goods and
services plus value of changes in the inventories.
The sum of the gross value added in the various economic
activities is known as GDP at factor cost.
U.S GDP computed on the income basis

GDP at factor cost plus indirect taxes less subsidies on

products = GDP at producer price.
The second way of estimating GDP is to use the sum
For measuring output of domestic product, economic ac- of primary incomes distributed by resident producer
[2]
tivities (i.e. industries) are classied into various sectors. units.
After classifying economic activities, the output of each If GDP is calculated this way it is sometimes called gross
sector is calculated by any of the following two methods: domestic income (GDI), or GDP (I). GDI should provide
the same amount as the expenditure method described
1. By multiplying the output of each sector by their re- later. (By denition, GDI = GDP. In practice, however,
spective market price and adding them together
measurement errors will make the two gures slightly o
when reported by national statistical agencies.)
2. By collecting data on gross sales and inventories
from the records of companies and adding them to- This method measures GDP by adding incomes that rms
pay households for factors of production they hire - wages
gether
for labour, interest for capital, rent for land and prots for
The gross value of all sectors is then added to get the gross entrepreneurship.
value added (GVA) at factor cost. Subtracting each sec- The US National Income and Expenditure Accounts ditors intermediate consumption from gross output gives vide incomes into ve categories:

3.3

Expenditure approach

1. Wages, salaries, and supplementary labour income

3.3 Expenditure approach

2. Corporate prots

The third way to estimate GDP is to calculate the sum of

the nal uses of goods and services (all uses except intermediate consumption) measured in purchasers prices.[2]

3. Interest and miscellaneous investment income

4. Farmers incomes

Market goods which are produced are purchased by

someone. In the case where a good is produced and unsold, the standard accounting convention is that the proThese ve income components sum to net domestic in- ducer has bought the good from themselves. Therefore,
come at factor cost.
measuring the total expenditure used to buy things is a
way of measuring production. This is known as the exTwo adjustments must be made to get GDP:
penditure method of calculating GDP.
5. Income from non-farm unincorporated businesses

1. Indirect taxes minus subsidies are added to get from

factor cost to market prices.
3.3.1 Components of GDP by expenditure
2. Depreciation (or capital consumption allowance) is
added to get from net domestic product to gross domestic product.
Total income can be subdivided according to various
schemes, leading to various formulae for GDP measured
by the income approach. A common one is:
GDP = compensation of employees + gross operating surplus + gross mixed income + taxes
less subsidies on production and imports
GDP = COE + GOS + GMI + TP & M SP
&M
Compensation of employees (COE) measures the
total remuneration to employees for work done. It U.S. GDP computed on the expenditure basis.
includes wages and salaries, as well as employer
contributions to social security and other such pro- GDP (Y) is the sum of consumption (C), investment
(I), government spending (G) and net exports (X M).
grams.
Gross operating surplus (GOS) is the surplus due
Y = C + I + G + (X M)
to owners of incorporated businesses. Often called
prots, although only a subset of total costs are subtracted from gross output to calculate GOS.
Here is a description of each GDP component:
Gross mixed income (GMI) is the same measure as
GOS, but for unincorporated businesses. This often
includes most small businesses.
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 [12]

C (consumption) is normally the largest GDP component in the economy, consisting of private expenditures in the economy (household nal consumption expenditure). These personal expenditures fall under one of the following categories:
durable goods, nondurable goods, and services. Examples include food, rent, jewelry, gasoline, and
medical expenses but does not include the purchase
of new housing.
I (investment) includes, for instance, business investment in equipment, but does not include exchanges of existing assets. Examples include construction of a new mine, purchase of software, or
purchase of machinery and equipment for a factory.
Spending by households (not government) on new
houses is also included in investment. In contrast to
its colloquial meaning, investment in GDP does

4
not mean purchases of nancial products. Buying
nancial products is classed as 'saving', as opposed
to investment. This avoids double-counting: if one
buys shares in a company, and the company uses
the money received to buy plant, equipment, etc.,
the amount will be counted toward GDP when the
company spends the money on those things; to also
count it when one gives it to the company would be
to count two times an amount that only corresponds
to one group of products. Buying bonds or stocks is
a swapping of deeds, a transfer of claims on future
production, not directly an expenditure on products.

GDP VS GNI

eign 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.

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.
Gross national income (GNI) equals GDP plus income receipts from the rest of the world minus income payments
X (exports) represents gross exports. GDP captures
to the rest of the world.[15]
the amount a country produces, including goods and
services produced for other nations consumption, In 1991, the United States switched from using GNP
to using GDP as its primary measure of production.[16]
therefore exports are added.
The relationship between United States GDP and GNP is
M (imports) represents gross imports. Imports are shown in table 1.7.5 of the National Income and Product
subtracted since imported goods will be included in Accounts.[17]
the terms G, I, or C, and must be deducted to avoid
counting foreign supply as domestic.
Note that C, G, and I are expenditures on nal goods and
services; expenditures on intermediate goods and services
do not count. (Intermediate goods and services are those
used by businesses to produce other goods and services
within the accounting year.[13] )
According to the U.S. Bureau of Economic Analysis,
which is responsible for calculating the national accounts
in the United States, In general, the source data for
the expenditures components are considered more reliable than those for the income components [see income
method, below].[14] G D P

GDP vs GNI

4.1 International standards

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,
Organization for Economic Co-operation and Development, United Nations and World Bank. The publication
is normally referred to as SNA93 to distinguish it from
the previous edition published in 1968 (called SNA68)
[18]

SNA93 provides a set of rules and procedures for the

measurement of national accounts. The standards are designed to be exible, to allow for dierences in local statistical needs and conditions.

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 ac- 4.2 National measurement
cording to location, while GNI denes its scope according
to ownership. In a global context, world GDP and world Within each country GDP is normally measured by a naGNI are, therefore, equivalent terms.
tional government statistical agency, as private sector orGDP is product produced within a countrys borders; ganizations normally do not have access to the informaGNI is product produced by enterprises owned by a coun- tion required (especially information on expenditure and
trys citizens. The two would be the same if all of the pro- production by governments).
ductive enterprises in a country were owned by its own Main article: National agencies responsible for GDP
citizens, and those citizens did not own productive enter- measurement
prises in any other countries. In practice, however, for-

Nominal GDP and adjustments 6 Cross-border comparison and

to GDP
purchasing power parity

The level of GDP in dierent countries may be compared

The raw GDP gure as given by the equations above is
by converting their value in national currency according
called the nominal, historical, or current, GDP. When one
to either the current currency exchange rate, or the purcompares GDP gures from one year to another, it is dechasing power parity exchange rate.
sirable 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
Current currency exchange rate is the exchange
multiplied by the ratio between the value of money in the
rate in the international foreign exchange market.
year the GDP was measured and the value of money in a
base year.
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.
We would see that the countrys GDP had realistically increased 50 percent over that period, not 200 percent, as it
might appear from the raw GDP data. The GDP adjusted
for changes in money value in this way is called the real,
or constant, GDP.

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.

The factor used to convert GDP from current to constant values in this way is called the GDP deator. Unlike
consumer price index, which measures ination or deaThe ranking of countries may dier signicantly based on
tion in the price of household consumer goods, the GDP
which method is used.
deator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as
The current exchange rate method converts the
household consumption goods.[19]
value of goods and services using global currency
Constant-GDP gures allow us to calculate a GDP growth
exchange rates. The method can oer better indicarate, which indicates how much a countrys production
tions of a countrys international purchasing power.
has increased (or decreased, if the growth rate is negative)
For instance, if 10% of GDP is being spent on buycompared to the previous year.
ing hi-tech foreign arms, the number of weapons
purchased is entirely governed by current exchange
rates, since arms are a traded product bought on the
international market. There is no meaningful 'local'
price distinct from the international price for high
Real GDP growth rate for year n = [(Real GDP
technology goods. The PPP method of GDP conin year n) (Real GDP in year n 1)] / (Real
version is more relevant to non-traded goods and
GDP in year n 1)
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.
Another thing that it may be desirable to account for
is population growth. If a countrys GDP doubled over
a certain period, but its population tripled, the increase
in GDP may not mean that the standard of living increased for the countrys residents; the average person
in the country is producing less than they were before.
Per-capita GDP is a measure to account for population
growth.

There is a clear pattern of the purchasing power parity

method decreasing the disparity in GDP between high
and low income (GDP) countries, as compared to the current exchange rate method. This nding is called the Penn
eect.
For more information, see Measures of national income
and output.

Standard of living and GDP:

Wealth distribution and externalities

LIMITATIONS AND CRITICISMS

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.[22]

GDP per capita is often used as an indicator of living

standards.[20]
It can be argued that GDP per capita as an indicator stancorrelated with these factors, capturing
The major advantage of GDP per capita as an indicator of dard of living is[20][23]
them
indirectly.
As a result, GDP per capita as a
standard of living is that it is measured frequently, widely,
standard
of
living
is
a
continued
usage because most peoand consistently. It is measured frequently in that most
ple
have
a
fairly
accurate
idea
of
what it is and know it
countries provide information on GDP on a quarterly bais
tough
to
come
up
with
quantitative
measures for such
sis, allowing trends to be seen quickly. It is measured
constructs
as
happiness,
quality
of
life,
and
well-being.[20]
widely in that some measure of GDP is available for almost every country in the world, allowing inter-country
comparisons. It is measured consistently in that the technical denition of GDP is relatively consistent among
countries.

8 Limitations and criticisms

GDP does not include several factors that inuence the Simon Kuznets, the economist who developed the rst
standard of living. In particular, it fails to account for:
comprehensive set of measures of national income, stated
in his rst report to the US Congress in 1934, in a
section titled Uses and Abuses of National Income
Externalities Economic growth may entail an inMeasurements":[7]
crease in negative externalities that are not directly
measured in GDP.[21][22]
The valuable capacity of the human mind
Non-market transactions GDP excludes activito simplify a complex situation in a compact
ties that are not provided through the market, such as
characterization becomes dangerous when not
household production and volunteer or unpaid sercontrolled in terms of denitely stated criteria.
vices.
With quantitative measurements especially, the
deniteness of the result suggests, often mis Non-monetary economy GDP omits economies
leadingly, a precision and simplicity in the outwhere no money comes into play at all, resulting
lines of the object measured. Measurements of
in inaccurate or abnormally low GDP gures. For
national income are subject to this type of illuexample, in countries with major business transacsion and resulting abuse, especially since they
tions occurring informally, portions of local econdeal with matters that are the center of conict
omy are not easily registered. Bartering may be
of opposing social groups where the eectivemore prominent than the use of money, even extendness of an argument is often contingent upon
ing to services.[22]
oversimplication. [...]
Quality improvements and inclusion of new
products by not fully adjusting for quality improvements and new products, GDP understates true
economic growth. For instance, although computers today are less expensive and more powerful than
computers from the past, GDP treats them as the
same products by only accounting for the monetary
value. The introduction of new products is also difcult to measure accurately and is not reected in
GDP despite the fact that it may increase the standard of living. For example, even the richest person in 1900 could not purchase standard products,
such as antibiotics and cell phones, that an average
consumer can buy today, since such modern conveniences did not exist then.

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.

Sustainability of growth GDP is a measurement

of economic historic activity and is not necessarily
a projection.
In 1962, Kuznets stated:[24]

7
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.
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.

GDP does not take into account the value of household

and other unpaid work. Some, including Martha Nussbaum, argue that this value should be included in measuring GDP, as household labor is largely a substitute for
goods and services that would otherwise be purchased for
value.[29] Even under conservative estimates, the value of
unpaid labor in Australia has been calculated to be over
50% of the countrys GDP.[30] A later study analyzed this
value in other countries, with results ranging from a low
of about 15% in Canada (using conservative estimates) to
high of nearly 70% in the United Kingdom (using more
liberal estimates). For the United States, the value was
estimated to be between about 20% on the low end to
nearly 50% on the high end, depending on the methodology being used.[31] Because many public policies are
shaped by GDP calculations and by the related eld of
national accounts,[32] 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.[33]

Many environmentalists argue that GDP is a poor measure of social progress because it does not take into ac- In response to these and other limitations of using GDP as
count harm to the environment.[25][26]
the overarching measure of economic and social progress,
In 1989, leading ecological economist and steady-state alternative approaches have emerged. One such alternatheorist Herman Daly and theologian John B. Cobb tive is the capability approach, which was developed in
developed the Index of Sustainable Economic Welfare the 1980s and focuses on the functional capabilities en(ISEW), which they proposed as a more valid measure joyed by people within a country, rather than the aggreconof socio-economic progress, by taking into account var- gate wealth held within a country. These capabilities[34]
sist
of
the
functions
that
a
person
is
able
to
achieve.
ious other factors such as consumption of nonrenewable
resources and degradation of the environment.
Although a high or rising level of GDP is often associated with increased economic and social progress within
a country, a number of scholars have pointed out that this
does not necessarily play out in many instances. For example, Jean Drze and Amartya Sen have pointed out that
an increase in GDP or in GDP growth does not necessarily lead to a higher standard of living, particularly in areas
such as healthcare and education.[27] Another important
area that does not necessarily improve along with GDP
is political liberty, which is most notable in China, where
GDP growth is strong yet political liberties are heavily
restricted.[28]
GDP does not account for the distribution of income
among the residents of a country, because GDP is merely
an aggregate measure. An economy may be highly developed or growing rapidly, but also contain a wide gap
between the rich and the poor in a society. These inequalities often occur on the lines of race, ethnicity, gender, religion, or other minority status within countries. This can
lead to misleading characterizations of economic wellbeing if the income distribution is heavily skewed toward
the high end, as the poorer residents will not directly benet from the overall level of wealth and income generated
in their country. Even GDP per capita measures may have
the same downside if inequality is high. For example,
South Africa during apartheid ranked high in terms of
GDP per capita, but the benets of this immense wealth
and income were not shared equally among the country.

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)
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 IMF ranked countries by past and projected
GDP (PPP), (per capita), (nominal)

10 See also
Annual average GDP growth
Capability approach
Chained volume series
Circular ow of income
GDP density

11
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

11

Notes and references

[1] GDP (Ocial Exchange Rate)" (PDF). World Bank.

Retrieved August 24, 2015.
[2] OECD. Retrieved 14 August 2014.
[3] Callen, Tim. Gross Domestic Product: An Economys
All. IMF. Retrieved 3 June 2016.

NOTES AND REFERENCES

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
[8] Dickinson, Elizabeth. GDP: a brief history. ForeignPolicy.com. Retrieved 25 April 2012.
[9] Coyle, Diane (2014). GDP: A Brief but Aectionate
History. Princeton University Press. p. 6. ISBN
9780691156798.
[10] 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.
[11] Based on the IMF data. If no data was available for a
country from IMF, I used WorldBank data.
[12] 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.
[13] 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.)
[14] Concepts and Methods of the United States National Income and Product Accounts, chap. 2.
[15] 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.

[4] Dawson, Graham (2006). Economics and Economic

ISBN
Chenge.
FT / Prentice Hall.
p.
205.
9780273693512.

[16] United States, Bureau of Economic Analysis, Glossary,

GDP. Retrieved November 2009.

[5] Petty impressive. The Economist. Retrieved August 1,

2015.

[17] U.S. Department of Commerce. Bureau of Economic

Analysis. Bea.gov. 2009-10-21. Retrieved 2010-07-31.

[6] Coyle, Diane. Warfare and the Invention of GDP. The

Globalist. Retrieved August 1, 2015.

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

[7] 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,

[19] 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.
[20] How Do We Measure Standard of Living?" (PDF). The
Federal Reserve Bank of Boston.

[21] Mankiw, N.G.; Taylor, M.P. (2011). Economics (2nd ed.,

revised ed.). Andover: Cengage Learning.

13 External links

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

13.1 Global

[23] How Real GDP per Capita Aects the Standard of Living. Study.com.
[24] Simon Kuznets. How To Judge Quality. The New Republic, October 20, 1962

Australian Bureau of Statistics Manual on GDP

measurement
GDP-indexed bonds
OECD GDP chart

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

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

UN Statistical Databases

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

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

World Development Indicators (WDI) at Worldbank.org

[27] Drze, Jean; Sen, Amartya (2013). An uncertain glory India and its contradictions. Princeton: Princeton University
Press. ISBN 9781400848775.
[28] China Country Report Freedom in the World 2012.
freedomhouse.org.
[29] Nussbaum, Martha C. (2013). Creating capabilities :
the human development approach. Cambridge, Mass.:
Belknap Press of Harvard University Press. ISBN
0674072359.
[30] Blades, Franois Lequiller, Derek (2006). Understanding
national accounts (Reprint. ed.). Paris: OECD. p. 112.
ISBN 978-92-64-02566-0.
[31] Incorporating Estimates of Household Production of
Non-Market Services into International Comparisons of
Material Well-Being.
[32] National Income Accounting and Public Policy (PDF).
[33] National Accounts: A Practical Introduction (PDF).
[34] Shahani, Severine Deneulin ; Lila (2009). An Introduction
to the Human Development and Capability : Approach (1.
ed.). London: Earthscan Ltd. ISBN 9781844078066.

12

Further reading

Coyle, Diane (2014). GDP: A Brief but Aectionate

History. Princeton, NJ: Princeton University Press.
ISBN 978-0-691-15679-8.

World GDP Chart (since 1960)

13.2 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.

Australian Bureau for Statistics, Australian National

Accounts: Concepts, Sources and Methods, 2000.
Retrieved November 2009. In depth explanations 13.3 Articles and books
of how GDP and other national accounts items are
determined.
Gross Domestic Product: An Economys All,
International Monetary Fund.
United States Department of Commerce, Bureau of
Economic Analysis, Concepts and Methods of the
Stiglitz JE, Sen A, Fitoussi J-P. Mismeasuring our
United States National Income and Product Accounts
Lives: Why GDP Doesn't Add Up, New Press, New
PDF. Retrieved November 2009. In depth explanaYork, 2010
tions of how GDP and other national accounts items
Whats wrong with the GDP?
are determined.

10
Whether output and CPI ination are mismeasured,
by Nouriel Roubini and David Backus, in Lectures
in Macroeconomics
Rodney Edvinsson, Growth, Accumulation, Crisis:
With New Macroeconomic Data for Sweden 1800
2000 PDF
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
Jerorn C.J.M. van den Bergh, "Abolishing GDP"
GDP and GNI in OECD Observer No246-247, Dec
2004-Jan 2005
Progress, what progress? in OECD Observer No272
March 2009

13

EXTERNAL LINKS

11

14
14.1

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Text

Gross domestic product Source: https://en.wikipedia.org/wiki/Gross_domestic_product?oldid=743994032 Contributors: AxelBoldt,

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12

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