Gross Domestic Product
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The document discusses key economic indicators used to measure economic performance including GDP, unemployment, and inflation. It defines GDP as the total market value of all final goods and services produced within a country in one year. GDP is used to measure economic growth, while unemployment and inflation are also important indicators. The document provides details on how GDP is calculated and what activities are included and excluded from the calculation.
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Gross Domestic Product
- 1. GDP Unemployment Inflation MEASURING ECONOMIC PERFORMANCE (THE BIG PICTURE)
- 10. U.S. Current and Constant Dollar GDP Annual Rates 2000-2010 Year Current Dollar GDP Constant Dollar "Real" GDP 2000 9,951.5 11,226.0 2001 10,286.2 11,347.2 2002 10,642.3 11,553.0 2003 11,142.1 11,840.7 2004 11,867.8 12,263.8 2005 12,638.4 12,638.4 2006 13,398.9 12,976.2 2007 14,061.8 13,228.9 2008 14,369.1 13,228.8 2009 14,119.0 12,880.6 2010 14,657.8 13,245.6
- 12. Rank Country GDP (current dollar) 1 European Union $14,890,000,000,000 2 United States $14,720,000,000,000 3 China $9,872,000,000,000 4 Japan $4,338,000,000,000 5 India $4,046,000,000,000 6 Germany $2,951,000,000,000 7 Russia $2,229,000,000,000 8 Brazil $2,194,000,000,000 9 United Kingdom $2,189,000,000,000 10 France $2,160,000,000,000
- 13. Rank Country Per Capita GDP Year 1 Qatar $145,300 2010 est. 2 Liechtenstein $122,100 2007 est. 3 Luxembourg $81,800 2010 est. 4 Bermuda $69,900 2004 est. 5 Norway $59,100 2010 est. 6 Singapore $57,200 2010 est. 7 Jersey $57,000 2005 est. 8 Kuwait $57,100 2010 est. 9 Brunei $50,300 2010 est. 10 United States $47,400 2010 est.
Editor's Notes
- A How big was the U.S. GDP in 2009? ($14.256 trillion) B. What was U.S. GDP per capita in 2009? ($46,400) C. How big was China’s GDP in 2009? ($8.79 trillion PPP; or $4.81 trillion official exchange rate 1. Official exchange rate captures the nation’s purchasing power in international markets 2. But it is often determined by a small set of traded goods 3. It is also subject to a degree of manipulation 4. It can also change wildly from year to year as exchange rates swing 5. PPP values goods at the prices prevailing in the US 6. It is preferred for assessing relative well being 7. One difficulty arises when we need to value goods – e.g. ox carts – not produced in the US D. How big was China’s GDP per capita in 2009? ($6,600 PPP) E. What do these comparisons tell us? 1. We can see overall size of US economy relative to China or other countries 2. Per capita comparisons tell us something about material standards of living 3. But because of differences in consumption they can be harder to interpret