The document discusses Gross Domestic Product (GDP), including its definition, history, and methods of calculation. GDP is the primary measure of a nation's production and was created by Simon Kuznets in 1937 to help the US government understand the economy during the Great Depression. It measures the total value of goods and services produced within a country's borders in a year. GDP can be calculated using three approaches - production, expenditure, and income.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
June 2010 - Financial system: Long-term challengesFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
October 2011 - Recycling: Who pays for it?FGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The IMF imposed structural adjustment loans on Argentina in the late 1990s and early 2000s that required austerity measures like spending cuts and privatization. However, these measures exacerbated Argentina's economic crisis by worsening unemployment and poverty. After defaulting on its loans in 2001-2002 and pursuing independent policies, Argentina's economy grew steadily at an average of 8.5% annually as poverty and unemployment fell. While some external factors contributed, the IMF's imposition of conditionalities overall had harmful effects rather than helping resolve Argentina's economic problems.
The document analyzes Argentina's macroeconomic policies under President Mauricio Macri since he took office in December 2015. It discusses how Macri has implemented significant changes, including floating the peso, lifting tariffs, austerity measures, and regaining access to global capital markets. These actions have improved Argentina's current account balance, foreign exchange reserves, and access to global markets. However, challenges remain such as economic troubles in Brazil and China, political opposition from the previous administration, and concerns about whether the pro-business reforms will succeed long-term.
September 2011 â Can Brazil become a creative economy?FGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
This document discusses foreign direct investment (FDI) in Mexico. It provides statistics on FDI flows to Mexico in recent years, noting a decline in 2009 due to the global economic crisis. However, Mexico remained an attractive destination for FDI, especially from the US. The document also reviews literature examining the relationship between FDI and economic growth, finding mixed results depending on a country's development level and ability to absorb new technologies. FDI is seen as important for technology transfer but may not always directly stimulate growth.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
June 2010 - Financial system: Long-term challengesFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
October 2011 - Recycling: Who pays for it?FGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The IMF imposed structural adjustment loans on Argentina in the late 1990s and early 2000s that required austerity measures like spending cuts and privatization. However, these measures exacerbated Argentina's economic crisis by worsening unemployment and poverty. After defaulting on its loans in 2001-2002 and pursuing independent policies, Argentina's economy grew steadily at an average of 8.5% annually as poverty and unemployment fell. While some external factors contributed, the IMF's imposition of conditionalities overall had harmful effects rather than helping resolve Argentina's economic problems.
The document analyzes Argentina's macroeconomic policies under President Mauricio Macri since he took office in December 2015. It discusses how Macri has implemented significant changes, including floating the peso, lifting tariffs, austerity measures, and regaining access to global capital markets. These actions have improved Argentina's current account balance, foreign exchange reserves, and access to global markets. However, challenges remain such as economic troubles in Brazil and China, political opposition from the previous administration, and concerns about whether the pro-business reforms will succeed long-term.
September 2011 â Can Brazil become a creative economy?FGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
This document discusses foreign direct investment (FDI) in Mexico. It provides statistics on FDI flows to Mexico in recent years, noting a decline in 2009 due to the global economic crisis. However, Mexico remained an attractive destination for FDI, especially from the US. The document also reviews literature examining the relationship between FDI and economic growth, finding mixed results depending on a country's development level and ability to absorb new technologies. FDI is seen as important for technology transfer but may not always directly stimulate growth.
Relatorio Portugal 2013 by Credito Y CaucionJoĂŁo Pinto
Â
This document provides an overview and summary of key economic indicators for Portugal. The main points are:
1) The Portuguese economy contracted sharply in 2012 as domestic demand decreased and exports growth slowed. Unemployment rose to over 15% while inflation remained above the EU average.
2) Fiscal consolidation efforts have been impressive but revenue targets were missed due to weak growth. Additional austerity measures were implemented to reduce the budget deficit.
3) Structural reforms have addressed some labor market issues but more progress is needed in product markets. Banks have bolstered capital ratios with ECB funding but credit remains tight.
June 2012 - Electric energy sector needs rewiringFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
Comparative analysis of the economic performance of china & portugal Ziv Reichert
Â
This document provides a comparative analysis of the economic performance of China and Portugal from 2010 to 2012. It analyzes their economic growth, unemployment, inflation, and balance of payments. For China, it describes steady economic growth around 9-10% during this period, with slight declines as the government implemented policies to curb inflation and overheating. For Portugal, it describes a recession with contracting GDP as the country implemented austerity measures required by its EU/IMF bailout due to high budget deficits and debt levels. Unemployment increased in Portugal during this period as its economy shrank.
The document summarizes Cuba's current economic situation and outlines Raul Castro's approach to economic reform. It notes that while human development has been positive, real income and industrial production have not improved. The new guidelines propose decentralizing economic management, reducing the state sector workforce, developing agriculture and exports, and restructuring pricing, currency and taxation. However, specifics and sequencing are lacking, and it remains unclear if reforms will follow a Vietnamese or Chinese model.
- Argentina suffered a major financial and social crisis from 2001-2002 when its banks collapsed, three presidents took office in two weeks, and over half of Argentines fell below the poverty line.
- Since then, Argentina has recovered but faces challenges like lack of trust in official statistics and government due to a history of corruption.
- The document provides background data on Argentina's population, geography, major cities, history, and political system to help understand the country's economic situation following its crisis.
This article is very illustrative of an avant-garde study around the housing system in Brazil. It is also relevant to note the contribution of this paper to a critical analysis of a supposed bubble in the national construction market after the 2008 crisis. Adauto Lucio Cardoso and JosĂŠ Augustinho Leal make references to numbers, facts and institutions related to the urban case from the official plans of massive housing construction in a very detailed fashion.
June 2014 - Fighting through water and sanitation problemsFGV Brazil
Â
Public managers and the private sector join forces to overcome Brazilâs longstanding difficulties in providing clean water and sanitation services.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
This document summarizes Bolivia's Green National Accounts during a commodity super cycle from 1990 to 2015. It finds that the contribution of ecosystem goods and services to the economy remained relatively stable over the cycle, while the contribution of non-renewable resources increased four times between the bottom (1993) and top (2011) of the cycle. The differences between conventional capital formation and environmentally-adjusted capital formation were small (2.3% of GDP) at the bottom but larger (7.7% of GDP) at the top. The results follow the UN's SEEA 2003 framework for integrated environmental-economic accounting.
Michigan's exports support over 6% of the state's private sector jobs. Nearly a quarter of manufacturing jobs in Michigan depend on exports. Over 11,000 Michigan companies export goods, with over 90% being small and medium businesses. Foreign investment in Michigan employs over 150,000 workers, with nearly 40% in manufacturing. Michigan's largest export market is Canada, which received over half of Michigan's $45 billion in annual exports in 2008. The top metropolitan area for exports in Michigan is Detroit-Warren-Livonia, which accounted for 69% of the state's merchandise exports.
The document discusses the state of European economies in January 2009 and August 2010. It summarizes that the European Commission raised its 2010 GDP growth forecasts for the EU and eurozone to 1.8% and 1.7% respectively, driven by strong export growth in Germany. However, growth is expected to slow in the second half of the year as the global economy hits a soft patch. Unemployment rates remain elevated across Europe.
The effect of Economic Conditions on Net Greek MigrationEmily Marshall
Â
This document provides an introduction, literature review, model specification, data description, empirical results, and conclusions regarding a study analyzing the effect of economic conditions on Greek net migration from 1991-2014. The study uses econometric techniques to model the relationship between key economic indicators like GDP, inflation, unemployment, interest rates, and dummy variables for economic crisis and EU membership, on net migration. The initial linear model showed some issues which were partially addressed by transforming it to a log-log model. Overall, the study found GDP and unemployment were statistically significant in explaining migration, and concluded that strengthening Greece's economic position could help stabilize net migration flows.
February 2014 - 20 years after the Real Plan, why does growth remain elusive?FGV Brazil
Â
Brazil celebrates two decades of monetary stabilization and introduction of the real , but has yet to find the formula for sustained growth.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
April 2013 - Brazil: Is government economic activism misdirected?FGV Brazil
Â
In response to lost investment and growth, government policies to stimulate the economy have fallen short of successâperhaps because the policies themselves are part of the problem.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
February 2012 - Brazilâs growing painsFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
Creative economy america report_sb_v6_engBijeli zec
Â
This report analyzes the economic impact of the creative industries in countries in the Americas. It finds that the creative industries are growing rapidly and contribute significantly to GDP and employment in many countries. However, measuring the sector faces challenges due to its dynamic nature and lack of standardized definitions. The report calls for improved data collection and common statistical frameworks to better understand and support the creative industries through evidence-based policymaking.
August 2010 - Future challenges: Innovation and competitivenessFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
This document summarizes recent economic indicators and forecasts from Spain, the Euro area, the UK, Germany, China, and the US. It notes that while Spain's GDP grew 2.4% in Q3 2018, domestic demand continues to drive growth as the external sector contribution was negative. Unemployment in Spain fell 6.17% in 2018 but growth forecasts were lowered. Several signs point to a broader global economic slowdown, including contracting manufacturing activity in Germany and China, and declining economic sentiment indices.
The document summarizes recent economic indicators and forecasts for Spain and other European economies:
- The Bank of Spain forecasts slower GDP growth for Spain in 2018 and 2019, at 2.6% and 2.2% respectively, due to falling private consumption, contracting goods exports, and higher energy prices.
- Spain's manufacturing PMI fell to 51.4 points in September, below the Euro area index of 53.2 points, its lowest level in two years.
- Unemployment in Spain fell by 6.1% year-over-year in September, the smallest adjustment since 2014, while social security affiliates increased by 0.12% compared to the previous month.
- Tourism data shows
Carma Gourmet es una empresa ecuatoriana que provee de ingredientes finos y productos gourmet a hoteles, restaurantes y clientes exigentes. Ofrece una gran variedad de alimentos importados de alta calidad como trufas, quesos, licores y especias. Aunque comenzĂł hace 14 aĂąos abasteciendo al sector hotelero y de restaurantes, recientemente abriĂł una tienda minorista para satisfacer la demanda de consumidores comunes. Su local ofrece una lĂnea especializada de los mejores ingredientes mundiales y asesoramiento personalizado para che
This document discusses person-centered planning for transitioning youth with disabilities from children's services to adult services. It emphasizes the importance of having a joined-up, clear vision shared by children's services, health services, and the local authority. Well-executed transition planning focuses on outcomes in employment, housing, health, and community participation and involves the young person and their family throughout the process. It outlines a model for person-centered transition reviews from years 9 through 11 to help guide the student's planning.
Relatorio Portugal 2013 by Credito Y CaucionJoĂŁo Pinto
Â
This document provides an overview and summary of key economic indicators for Portugal. The main points are:
1) The Portuguese economy contracted sharply in 2012 as domestic demand decreased and exports growth slowed. Unemployment rose to over 15% while inflation remained above the EU average.
2) Fiscal consolidation efforts have been impressive but revenue targets were missed due to weak growth. Additional austerity measures were implemented to reduce the budget deficit.
3) Structural reforms have addressed some labor market issues but more progress is needed in product markets. Banks have bolstered capital ratios with ECB funding but credit remains tight.
June 2012 - Electric energy sector needs rewiringFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
Comparative analysis of the economic performance of china & portugal Ziv Reichert
Â
This document provides a comparative analysis of the economic performance of China and Portugal from 2010 to 2012. It analyzes their economic growth, unemployment, inflation, and balance of payments. For China, it describes steady economic growth around 9-10% during this period, with slight declines as the government implemented policies to curb inflation and overheating. For Portugal, it describes a recession with contracting GDP as the country implemented austerity measures required by its EU/IMF bailout due to high budget deficits and debt levels. Unemployment increased in Portugal during this period as its economy shrank.
The document summarizes Cuba's current economic situation and outlines Raul Castro's approach to economic reform. It notes that while human development has been positive, real income and industrial production have not improved. The new guidelines propose decentralizing economic management, reducing the state sector workforce, developing agriculture and exports, and restructuring pricing, currency and taxation. However, specifics and sequencing are lacking, and it remains unclear if reforms will follow a Vietnamese or Chinese model.
- Argentina suffered a major financial and social crisis from 2001-2002 when its banks collapsed, three presidents took office in two weeks, and over half of Argentines fell below the poverty line.
- Since then, Argentina has recovered but faces challenges like lack of trust in official statistics and government due to a history of corruption.
- The document provides background data on Argentina's population, geography, major cities, history, and political system to help understand the country's economic situation following its crisis.
This article is very illustrative of an avant-garde study around the housing system in Brazil. It is also relevant to note the contribution of this paper to a critical analysis of a supposed bubble in the national construction market after the 2008 crisis. Adauto Lucio Cardoso and JosĂŠ Augustinho Leal make references to numbers, facts and institutions related to the urban case from the official plans of massive housing construction in a very detailed fashion.
June 2014 - Fighting through water and sanitation problemsFGV Brazil
Â
Public managers and the private sector join forces to overcome Brazilâs longstanding difficulties in providing clean water and sanitation services.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
This document summarizes Bolivia's Green National Accounts during a commodity super cycle from 1990 to 2015. It finds that the contribution of ecosystem goods and services to the economy remained relatively stable over the cycle, while the contribution of non-renewable resources increased four times between the bottom (1993) and top (2011) of the cycle. The differences between conventional capital formation and environmentally-adjusted capital formation were small (2.3% of GDP) at the bottom but larger (7.7% of GDP) at the top. The results follow the UN's SEEA 2003 framework for integrated environmental-economic accounting.
Michigan's exports support over 6% of the state's private sector jobs. Nearly a quarter of manufacturing jobs in Michigan depend on exports. Over 11,000 Michigan companies export goods, with over 90% being small and medium businesses. Foreign investment in Michigan employs over 150,000 workers, with nearly 40% in manufacturing. Michigan's largest export market is Canada, which received over half of Michigan's $45 billion in annual exports in 2008. The top metropolitan area for exports in Michigan is Detroit-Warren-Livonia, which accounted for 69% of the state's merchandise exports.
The document discusses the state of European economies in January 2009 and August 2010. It summarizes that the European Commission raised its 2010 GDP growth forecasts for the EU and eurozone to 1.8% and 1.7% respectively, driven by strong export growth in Germany. However, growth is expected to slow in the second half of the year as the global economy hits a soft patch. Unemployment rates remain elevated across Europe.
The effect of Economic Conditions on Net Greek MigrationEmily Marshall
Â
This document provides an introduction, literature review, model specification, data description, empirical results, and conclusions regarding a study analyzing the effect of economic conditions on Greek net migration from 1991-2014. The study uses econometric techniques to model the relationship between key economic indicators like GDP, inflation, unemployment, interest rates, and dummy variables for economic crisis and EU membership, on net migration. The initial linear model showed some issues which were partially addressed by transforming it to a log-log model. Overall, the study found GDP and unemployment were statistically significant in explaining migration, and concluded that strengthening Greece's economic position could help stabilize net migration flows.
February 2014 - 20 years after the Real Plan, why does growth remain elusive?FGV Brazil
Â
Brazil celebrates two decades of monetary stabilization and introduction of the real , but has yet to find the formula for sustained growth.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
April 2013 - Brazil: Is government economic activism misdirected?FGV Brazil
Â
In response to lost investment and growth, government policies to stimulate the economy have fallen short of successâperhaps because the policies themselves are part of the problem.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
February 2012 - Brazilâs growing painsFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
Creative economy america report_sb_v6_engBijeli zec
Â
This report analyzes the economic impact of the creative industries in countries in the Americas. It finds that the creative industries are growing rapidly and contribute significantly to GDP and employment in many countries. However, measuring the sector faces challenges due to its dynamic nature and lack of standardized definitions. The report calls for improved data collection and common statistical frameworks to better understand and support the creative industries through evidence-based policymaking.
August 2010 - Future challenges: Innovation and competitivenessFGV Brazil
Â
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGVâs Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
This document summarizes recent economic indicators and forecasts from Spain, the Euro area, the UK, Germany, China, and the US. It notes that while Spain's GDP grew 2.4% in Q3 2018, domestic demand continues to drive growth as the external sector contribution was negative. Unemployment in Spain fell 6.17% in 2018 but growth forecasts were lowered. Several signs point to a broader global economic slowdown, including contracting manufacturing activity in Germany and China, and declining economic sentiment indices.
The document summarizes recent economic indicators and forecasts for Spain and other European economies:
- The Bank of Spain forecasts slower GDP growth for Spain in 2018 and 2019, at 2.6% and 2.2% respectively, due to falling private consumption, contracting goods exports, and higher energy prices.
- Spain's manufacturing PMI fell to 51.4 points in September, below the Euro area index of 53.2 points, its lowest level in two years.
- Unemployment in Spain fell by 6.1% year-over-year in September, the smallest adjustment since 2014, while social security affiliates increased by 0.12% compared to the previous month.
- Tourism data shows
Carma Gourmet es una empresa ecuatoriana que provee de ingredientes finos y productos gourmet a hoteles, restaurantes y clientes exigentes. Ofrece una gran variedad de alimentos importados de alta calidad como trufas, quesos, licores y especias. Aunque comenzĂł hace 14 aĂąos abasteciendo al sector hotelero y de restaurantes, recientemente abriĂł una tienda minorista para satisfacer la demanda de consumidores comunes. Su local ofrece una lĂnea especializada de los mejores ingredientes mundiales y asesoramiento personalizado para che
This document discusses person-centered planning for transitioning youth with disabilities from children's services to adult services. It emphasizes the importance of having a joined-up, clear vision shared by children's services, health services, and the local authority. Well-executed transition planning focuses on outcomes in employment, housing, health, and community participation and involves the young person and their family throughout the process. It outlines a model for person-centered transition reviews from years 9 through 11 to help guide the student's planning.
Tarea nÂş 4 importancia de las tic en la educacionanmaripa
Â
El documento describe la importancia de las tecnologĂas de la informaciĂłn y la comunicaciĂłn (TIC) en la educaciĂłn. Las TIC son herramientas omnipresentes que estĂĄn revolucionando la educaciĂłn al servir como medios de expresiĂłn, comunicaciĂłn, procesamiento de informaciĂłn y aprendizaje interactivo. AdemĂĄs, las TIC permiten el acceso a la informaciĂłn y su uso didĂĄctico para facilitar los procesos de enseĂąanza y aprendizaje.
Proyecto e-Twinning: La tecnologĂa de nuestros abuelostink prof
Â
Se trata de un proyecto multidisciplinar y colaborativo. Los alumnos deben comparar la evoluciĂłn tecnolĂłgica de su regiĂłn con la de otras regiones de Europa. HabrĂĄn de elaborar hipĂłtesis sobre las causas del desarrollo tecnolĂłgico de una zona. ÂżQuĂŠ elementos geogrĂĄficos, histĂłricos, econĂłmicos, humanos, etc. han influido en dicho desarrollo?
This study examines the expression of nicotinic acetylcholine receptors (nAChRs) in neuroepithelial bodies (NEBs) of neonatal hamster lung. The key findings are:
1) NEB cells express mRNA for the β2 subunit of nAChRs and contain ι4, ι7, and β2 nAChR subunits, as shown by in situ hybridization and immunofluorescence.
2) Patch clamp recordings of NEB cells show that nicotine activates inward currents in a concentration-dependent manner, mediated by nAChRs.
3) The nicotine-induced currents have properties consistent with ι3β2, ι4β2, and ι7
SAAY worked to limit reputational risks when questions arose about the inclusivity of their Slavic student organization. The author details an incident from a kayaking trip organized by SAAY's executive board that resulted in injury. To better manage risks going forward, being transparent about planned activities could allow for participant feedback and revision of plans with lower risks.
Total tickets received was 826 with 454 completed and 372 still in progress. Tickets closed on the same day accounted for 54% of total closed tickets. Total tasks completed were 15 (60%) with 5 still in progress (20%) and 5 missed (20%). Invoices received were 826 with 454 booked/posted (55%) and 372 rejected or parked (45%).
The document summarizes key changes between the new Malaysian Code on Take-Overs and Mergers 2016 (New Code) and the previous 2010 version (Old Code). The New Code consists of general principles while the Rules provide additional operational guidance. Key changes include the Rules now applying to some unlisted companies, mandatory offers applying to upstream acquisitions, differing minimum offer prices, revised announcement timing, and a new auction procedure for competitive offers.
El documento define el software como el soporte lĂłgico de un sistema informĂĄtico que permite realizar tareas especĂficas a travĂŠs de aplicaciones y el sistema operativo. Explica que el software incluye programas, datos y la informaciĂłn procesada por los sistemas operativos. AdemĂĄs, describe tres tipos principales de software: software de aplicaciĂłn, software de programaciĂłn y software de sistemas.
The document discusses tourism in Western Australia and the Pilbara region. It notes that tourism is a critical $34 billion industry in WA, generating over 10 million overnight visitors and 19 million day trips annually and supporting 97,000 jobs. It provides statistics on visitation to the Pilbara region and opportunities to grow tourism there through Aboriginal experiences and leveraging markets like grey nomads, fly-drive travelers from Germany, and the 55+ demographic. The document emphasizes that tourism is an industry that requires partnerships.
Blank deferred tax worksheetDeferred Tax Problems - WorksheetName of company:Year 1Year 2Year 3Year 4Year 5Pre-tax accounting incomePermanent differences:Book TITemporary differences:Taxable incomeApplicable tax rateIncome taxes payable/(receivable)Inventory of temporary differences000Total net temp differencesApplicable tax rateDeferred taxes (net) endingDeferred taxes (net) beginningChange in net deferred taxesTaxes (payable)/receivable from aboveIncome tax expenseClassification:Current deferred tax assetsNoncurrent deferred tax assetsCurrent deferred tax liabilitiesNoncurrent deferred tax liabilitiesTotal net deferred tax- 0- 0- 0- 0- 000000Check$ - 0$ - 0$ - 0$ - 0
""inthe neWS
Seyand Grcss framestic Praduct
with the encourbgement of the French president, some economists
wonder whether we need better measutes of economic well'being'
GDP Seen as
Inadequate Measure
of Economic Health
Bv Dnuo Jot-r.v
pARlS-President Nicolas Sarkozy told
I- the French national statistics agency
Monday to take greater account of factors
like qnrality of life and the environment when
measuring the country's economic health'
Mr. Sarkozy made the request after
accepting a report from a panel of top
economists he had charged with reviewing
the adequacy of the current standard of fis-
cal well-being: gross domestic product'
The panel. chaired bytwo Nobel econ'
omists, Joseph E. Stiglitz of Columbia
University and Amattya Sen of Harvard
University, concluded that GDP was insuf'
ficient and that measures of sustain'
ability and human well-being should be
included,
An "excessive focus on GDP rmtrics'
also contributed to the onset of the cunent
financial crisis, according to the report. Policy
maken cheered rising economic growth
vuhile other data, like those that showed the
increasing and unsustainabie indebtednes of
households and busineses, were overlooked,
the repod found.
"The main mestage is to get awaY
from GDP fetishism and lo understand the
limits to it," Mr. Stigliu said in an interviev
'There are many aspects of our society lhi
are not covered by GDP.' . . .
GDP is the measur⏠of tl$ ma*et vali
of all the goods and selkes produced in tl
economy. lts development in fie t930s, whe
the U.5. govunment was looking fur netv too
to measure national income and ouput mot
acorately, tras been des{ibed as one of tl'
most important a&ances in macroe$ncBnk
However. there har long been criticisr
thai, while it accutately captures the growt
or contraction ol the overall economy, it
a crude tool for describing social health.
The United Statet for example. wit
the world's largest ercnomy, naturally top
GDP rankingq but it ranks lower by otht
rneasures. the United Nations Development
Program's human development index, which
incorporates GDP as only one of a number
ol ciiteria, ranked lceland. Norway and
Canada the top three spots in 2008, with
the United States a distant I 5th' The human
development indexes also seek to incor ...
Japan has a highly developed market economy that is the 3rd largest in the world by GDP. It imports most of its energy and raw materials due to lack of natural resources. The economy is led by industries like engineering and R&D. Household consumption and government spending each make up over half of GDP, with services being the largest economic sector. While the economy experienced slow growth in recent decades, factors like technological adaptation and corporate loyalty helped fuel growth periods in the past.
The document argues that Net Domestic Product (NDP) should replace Gross Domestic Product (GDP) as the primary measure of economic growth for three reasons:
1) GDP includes depreciation (replacement of worn out equipment), which does not increase economic capacity or resources available for consumption, while NDP excludes depreciation.
2) Rapid growth in information and communication technologies has increased depreciation significantly relative to GDP in recent decades, widening the gap between GDP and NDP growth rates.
3) NDP is a better measure of economic welfare and potential for real wage and profit increases because it excludes replacement of worn out capital, which does not increase living standards.
The United States has the largest economy in the world, with a GDP of $14.4 trillion in 2008. It has a diverse economy based around services, industry, and agriculture. Major exports include machinery, vehicles, aircraft, and food. China and Canada are the largest import and export partners. The economy grew slowly in the late 2000s but has high productivity and remains an economic and technological leader internationally.
2014.02.11 - NAEC Invitation_Productivity trends from 1890 to 2012OECD_NAEC
Â
This document analyzes productivity trends in 13 advanced countries from 1890 to 2012 using labor productivity per hour worked and total factor productivity. It finds two major productivity waves, one following the second industrial revolution and boosting US productivity in the early 20th century, and the other following the ICT revolution in the late 20th century. Productivity leadership changed over time from Australia and the UK to the US to some European countries late in the 20th century. The analysis finds no consistent global convergence in productivity levels and detects breaks linked to major events like world wars, financial crises, and policy changes.
The document discusses macroeconomics and provides definitions and examples. It defines macroeconomics as the study of the economy as a whole, including measurements of concepts like GDP, unemployment, and inflation. It contrasts macroeconomics with microeconomics, which focuses on individual markets. Examples are given of macroeconomic indicators like GDP and unemployment rates, as well as macroeconomic theories from economists like John Maynard Keynes.
The document discusses globalization and key economic indicators for measuring countries' macroeconomic performance in the globalized world. It provides data on increasing international trade, investment, and financial flows over time. It also outlines important metrics like GDP, GDP growth, exports, inflation, and more that are used to evaluate countries' economic size, development, and integration into the global economy. Emerging markets are becoming larger shares of world output and trade.
Paper Writing Service - HelpWriting.net đ
â Quality
You get an original and high-quality paper based on extensive research. The completed work will be correctly formatted, referenced and tailored to your level of study.
â Confidentiality
We value your privacy. We do not disclose your personal information to any third party without your consent. Your payment data is also safely handled as you process the payment through a secured and verified payment processor.
â Originality
Every single order we deliver is written from scratch according to your instructions. We have zero tolerance for plagiarism, so all completed papers are unique and checked for plagiarism using a leading plagiarism detector.
â On-time delivery
We strive to deliver quality custom written papers before the deadline. That's why you don't have to worry about missing the deadline for submitting your assignment.
â Free revisions
You can ask to revise your paper as many times as you need until you're completely satisfied with the result. Provide notes about what needs to be changed, and we'll change it right away.
â 24/7 Support
From answering simple questions to solving any possible issues, we're always here to help you in chat and on the phone. We've got you covered at any time, day or night.
Economics is the study of how societies use their resources to produce goods and services. It is a social science that examines the production, distribution, .... Essays in economic development ... and obstacles faced by the poorer nations of the global economy on the path to development are extremely diverse.. Free Essay: Many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money.... Analysis of the Tourism & Airline Industry in the UAE. Example essay. Last modified: 4th Jun 2023.. Up: Economics Network > Writing for Economics. Essay writing. The idea of setting essays is to offer you the chance to make a longer, more complex argument.. Economics essays often examine how governments can manage resources to promote economic growth. In addition, economics essays may also analyze the impact of .... evidence on three issues within the field of economic development: the effect of social networks on immigrants' labor market outcomes (first essay), .... Lionel Robbins, biography, from the Concise Encyclopedia of Economics: Robbins' most famous book was An Essay on the Nature and Significance of Economic Science .... This thesis was written while I worked at the Research Unit on Economic ... Lilja examined an earlier version of the first essay and provided useful .... The list of economic essay topics is endless â the field focuses on multiple areas of human interactions on different scales. Choosing one of the economics ...
The document outlines the course schedule for an economics class, including chapters on the subject and aim of economics, the market mechanism of demand and supply, and national economic performance and growth. It then provides details on measuring national economic performance using Gross Domestic Product and how GDP is calculated. It also discusses factors that influence economic growth and that while GDP measures output, it does not necessarily correlate with increased welfare. A country's welfare is determined by several other indicators like life expectancy, leisure time, and inequality levels in addition to GDP.
Economic Growth Essay
The Global Economy Essay
Essay On Us Economy
Essay about Economic Conditions
Essay about Us Economy and Gdp
Macroeconomics Essay
Essay on Economics in My Life
Economic Systems Essay
business economics Essay
What is Economics? Essay
Essay about The British Economy
Economics Reflection
Essay about U.S. Economy
This document examines the measurement of economic growth in Nigeria using gross domestic product (GDP) data from 1980 to 2014. It defines GDP and related terms like gross national product, real GDP, nominal GDP, and GDP deflator. GDP is the total value of goods and services produced within a country in a year. Real GDP accounts for inflation to measure actual economic output. The author analyzes Nigeria's GDP figures over the period and finds little significant economic growth. They recommend the government improve infrastructure to aid business and formulate sound monetary and fiscal policies to mitigate inflation and boost productivity.
This document outlines the key topics in Chapter 3 of an Economics course, which focuses on national economic performance and growth. It discusses macroeconomics and how Gross Domestic Product is used to measure the total output and performance of a national economy. The chapter also examines the factors that influence GDP, including consumption, investment, government spending, and net exports. Additionally, it explores the concepts of economic growth, the flow of income in an economy, and the relationship between economic growth and overall welfare. While GDP is an indicator of growth, higher GDP does not always correlate with greater welfare, as other quality of life factors must also be considered.
This document outlines the key topics in Chapter 3 of an Economics course, which focuses on national economic performance and growth. It discusses macroeconomics and how Gross Domestic Product is used to measure the total output and performance of a national economy. The chapter also examines the factors that influence GDP, including consumption, investment, government spending, and net exports. Additionally, it explores the concepts of economic growth, the flow of income in an economy, and the relationship between economic growth and overall welfare. While GDP is an indicator of growth, higher GDP does not always correlate with greater welfare, as other quality of life factors must also be considered.
This document discusses economic growth and development. It begins by explaining the difference between economic growth and economic development, and how growth is related to increases in GDP per capita. It then provides an overview of theories of economic growth and development, including the industrial revolution, Rostow's stages of growth, and structural reforms. The document also examines country experiences with growth, factors that influence development outcomes, definitions and measurements of poverty, and approaches to human development.
This document provides an overview of economic growth and development. It begins by explaining the difference between economic growth and economic development. It then discusses factors that influence economic growth, such as the industrial revolution, investments in infrastructure and education, and trade. The document also examines differences in growth rates and incomes between various countries. It analyzes factors that affect poverty and development, such as GDP growth, government policies, and access to education and healthcare.
This document summarizes GDP rankings by country in 2019. The United States has the largest GDP at $21.41 trillion, followed by China at $15.54 trillion and Japan at $5.36 trillion. It provides the top 10 country GDP rankings. It also discusses differences between nominal GDP and GDP adjusted for purchasing power parity (PPP). The largest three economies in the world by nominal GDP are the United States, China, and Japan. Key factors contributing to the economic strength of each of these three countries are also summarized.
This document discusses macroeconomic policy and its main components of monetary and fiscal policy. The goals of macroeconomic policy are continued economic growth, high employment, stable prices, improved living standards, and a sustainable balance of payments. Both monetary and fiscal policy are used by governments to influence the economy and achieve these policy goals. Fiscal policy involves government spending and taxation levels and is used to manage aggregate output and GDP. Changes in fiscal policy, such as increases in spending or reductions in taxes, can stimulate economic activity and growth.
The New York City Financial Services Cluster - Research PaperLoucas Anagnostou
Â
The document provides an overview of the New York City financial services cluster. It discusses how New York City became the global epicenter of financial services due to its early development of Wall Street in the 19th century. While the cluster faced challenges during the 2008 financial crisis, it remains the world's largest in the industry. The document recommends policies like relaxing corporate taxes and making office space more affordable to strengthen the competitiveness of the New York financial services cluster.
The New York City Financial Services Cluster - Research Paper
Â
Gross Domestic Product
1. Gross Domestic Product
by ErinSolaro
In This Entry
Definitionof GrossDomesticProduct
Brief Historyof GDP
Limitationsof GDP
What GDP Countsand What It DoesNot
AlternativestoGDP
Bibliography
Definition of Gross Domestic Product
Virtuallyall nationsmaintain National Income andProductAccounts(NIPA).Representativecategories
for income include employee wagesandinterestpayments,while representativecategoriesforproducts
include governmentordersandconsumeranddurable goods.Statisticiansandeconomiststhen
aggregate,or sumup and total these accounts,toproduce a varietyof economicindicators.One of the
mostimportantof these indicators,andone of the mostpublicizedandpoliticallysignificant,isthe
Gross DomesticProduct.
The Gross DomesticProduct(GDP) is the primarymeasure of a nationâsproduction.InAugust1991, the
worldâslargesteconomy,the UnitedStates,shiftedfromusingGrossNational Product(GNP) toGross
DomesticProductas the leadingmeasure of itsproduction.According tothe U.S. Bureauof Economic
Analysis,the GDPisthe accumulatedtotal of goodsand servicesproducedinasingle yearbyworkers
and plantsor variousotherformsof productive propertylocatedinaparticularcountry,forexample,
the UnitedStates. Thisistrue whetherthe workersandthe propertyownersare citizensorforeign
residentsof the nationinwhichtheyare located.Incontrast,Gross National Productisdefinedasthe
annual total of goodsand servicesproducedeitherbythe residentsor productive propertyownedby
the residentsof anation,whetherthose workersandthatpropertyare locatedinthat particularnation
or outside itsborders. (Surveyof CurrentBusiness,1991).
Brief History of GDP
SimonKuznets,aneconomistatthe National Bureauof EconomicResearch,createdthe original formula
for the Gross DomesticProductin1937 (KuznetswaslaterawardedaNobel Prize forhiseconomicwork,
particularlyforthe National Income andProductAccounts) (Dickinson,2011).Kuznetsâworkwasdriven
not byabstract intellectual curiositybutbya real and pressingneed.
Duringthe Great Depressionof the 1930s, the Hooverand Rooseveltadministrationssimplydidnot
have access to comprehensivestatisticsonthe UnitedStatesânational income andproduction.Instead,
policymakershadto cobble togetherapicture of the U.S. economyandthe devastationthatithad
sufferedbyrelyingondisconnectedinformationsuchasstock prices andfreightcar loads.Without
2. comprehensive data,acomprehensive responsetothe collapse of amature industrial economywas
nearlyimpossible.Kuznetsandhisteamworkedfroma varietyof sourcesthat,exceptforU.S. Internal
Revenue Service tax data, were usuallynotcomprehensive,aswell assurveyscommissionedtofill the
gap. Aftertwoyearsof researchand analysis,theywere able tocompileindustry-specificestimatesthat
approximatedthe UnitedStatesâânational income.âAsincompleteasthese estimateswere,theywere
still animportantfoundationforPresidentRooseveltâsApril 1938 âMessage to CongressonStimulating
Recoveryâ(Landefeld,Seskin,&Fraumeni,2008; Roosevelt,1938).
From MeasuringIncometo MeasuringProduction
Income, however,isnotproduction.Asthe UnitedStatesmovedclosertodirectinvolvementinWorld
War II,itbecame veryclearthat the governmentneededtoknow whatthe nationwasproducing,both
at home and abroad,so it couldadequatelyplanfuturecivilian andmilitaryproduction.Thus,indirect
estimatesof final salesof goods,âwhichwouldexclude the value of intermediate productsandwould
equal incomesearnedbythe factorsof productionâfroma varietyof sources,suchas durable goods,
consumergoods,andmilitaryorders,graduallybecamethe foundationof the GrossNational Product
(Landefeld,etal.,2008, p.195)
DuringWorldWar II andfor some decadesafterwards,GrossNational Product,notGrossDomestic
Product,became the chief meansof measuringU.S.economicproduction.One significantreasonforthis
was thatfrom before the UnitedStatesenteredWorldWarI until well afterWorldWarII, the United
Statesacquiredsignificantindustrial resourcesoutside itsborders.Some of thiswasBritishproperty,
soldto pay forfoodand war materiel,while somewasconfiscatedenemyproperty.Thisacquisitionof
productive property,coupledwiththe devastationof WorldWar II,meantthat the UnitedStateshad a
verylarge exporteconomythatproduced a greatdeal outside itsborders.
By 1991, several generationsâworthof economicrebuildingandreconstruction,particularlyinAsia,had
transformedthe global economy,andalongwithitthe U.S.economy.The resultwasthat1975 wasthe
lastyear the UnitedStatesran a trade surplus (Hawkins,2002).Many of those importedgoodscame
fromAsia,fromJapan,Taiwan (the Republicof China),SouthKorea,andthen(mainland) China(the
PeopleâsRepublicof China).The U.S.shiftfromGrossNational ProducttoGross DomesticProductas its
leadingmeasure of productioninAugust1991 reflectedthesesignificantchanges.
Whenthe UnitedStatesadoptedGDP as itsleadingmeasure of production,ittacitlyacknowledgedthat
itsrole as the worldâspremierexporterhadended.MostothercountrieshadalreadyadoptedGDPas
the leadingmeasure of theirproductionpreciselybecause GDPreflectedthe disparitybetweenwhat
was producedwithintheirbordersandwhatwasusedwithintheir bordersbutwasproducedoutside
them.Measuringthe U.S. economybyGDP meantthat itcouldalsonow be compareddirectlytomost
of the worldâsothereconomies.
However,inAugust1991, the difference betweenthe UnitedStatesâGNPandGDPwas statisticallyvery
small.The U.S. GNPwas US$5465.1 billionversusaGDP of US$5423.4 billion (Surveyof Current
Business,1991).This verysmall discrepancybetweenGNPandGDP was nottrue formany countriesin
1990, andby 2012, ithad ceasedto be true forthe UnitedStatesas well.In2012, the UnitedStatesGDP
3. was US$14.660 trillion,withatrade deficitof goodsandservicesworthUS$516 billion (UnitedStates
CensusBureau). However,itisnecessarytobearinmindthat GDP doesnot reflectemploymentand
unemploymentstatistics.
In August1991, the U.S. Bureau of EconomicAnalysisplannedtocontinue publishingGNPfiguresona
regularbasis,officiallystatingthatGDP âwasthe appropriate measure formuchof the short-term
monitoringandanalysisof the U.S.economyâpreciselybecause âGDPreferstoproductiontakingplace
inthe UnitedStatesâ(Surveyof CurrentBusiness,1991).By 2008, neitherGrossNational Productnorits
acronymGNP existsin THE SYSTEM OF NATIONAL ACCOUNTS 2008. A textsearch of the pdf doesnotlocate
a single reference toGNP,noris GNPan entryin the glossary.The U.S. transitionfromGNPto GDP as
the aggregate statistical measurementof U.S.productionreflectedincreasingforeignownershipof the
meansof productioninside itsborders.Bythe same standard,the absence of GNPfrom THE SYSTEM OF
NATIONAL ACCOUNTS 2008 reflectsthe realityof the currentglobal economy,whichisthatmanynations
have a significantdisparitybetweenwhattheirnationalsproduce,inoroutside theirborders,andwhat
othernationalsproduce insidetheirborders.
How GDP Is Calculated
THE SYSTEM OF NATIONAL ACCOUNTS 2008 âisa statistical frameworkthatprovidesacomprehensive,
consistentandflexible setof macroeconomicaccountsforpolicymaking,analysisandresearch
purposesâ(Inter-SecretariatWorkingGrouponNational Accounts,2012, p. iii).
Knownas 2008 SNA, The Systemof NationalAccounts2008 was compiledbythe Inter-Secretariat
WorkingGroup onNational Accounts(ISWGNA).Economists,researchers,andstatisticiansfromthe
EuropeanCommunity,the InternationalMonetaryFund,the OrganisationforEconomicCo-operation
and Development,the UnitedNationsandthe WorldBankworkedwithcentral bureausof statisticsand
central banksaroundthe worldtoproduce 2008 SNA. Nationsare encouragedtofollow the guidelines
in2008 SNA whentheycompile theirnational accounts,of whichGDPisone of the most important
aggregate figures.
While 2008 SNA ismeantto serve as a guide forall the national accountsof all countries,italsoallows
for local variations.Some countrieswill findsome itemsof onlylimitedinterest,if notcompletely
irrelevant.The 2008 SNA alsorecognizesthattablespreparedforpublicrelease will notbe asdetailed
as the accounts themselves.The goal of 2008 SNA isnot onlyto adequatelyreflectthe income and
productionof moderneconomies,butalsotohelpcreate a recognizablystandardcomparisonamong
countriesdespitetheirdifferences.The largergoal istoallow observers,analysts,andpolicymakersnot
merelytocompile GDPandother aggregates,butalsotounderstandhow economicsectorsinteract.
(Inter-SecretariatWorkingGrouponNational Accounts,2012, pp.iii,xlvii,1)
MethodsofCalculatingGDP
The 2008 SNA establishesthree standardwaysof calculatingGDP (Inter-SecretariatWorkingGroupon
National Accounts,2012, pp. 332â333). Accordingto the 2008 SNA, the firstis the production
approach.This meansthatGDP is the final output,minusthe value of intermediate consumption.
4. For example,asheepfarmerwill provide figuresonthe value the sheephave produced,notthe value of
theirdressedmeat,theirtannedhides, andtheirspunfiber.The farmerwill alsonotinclude the costof
the veterinarycare andfeedamendmentsprovidedtothe sheep.(Thisavoidsdoublecountingbecause
the shearer,the butcher,the tanner,the veterinarian,andthe feedstore willproduce theirownfigures
for theirproduction.) Tothatfigure,statisticiansaddtaxesandsubtractthe value of subsidiesonthe
productif those subsidieshave notbeenpreviouslypaidtothe producer.
The secondapproach isthe expendituremodel.Statisticianscalculate the consumptionof all final goods
and servicesbyeveryhouseholdinanation.To thissum, statisticiansaddgrosscapital formation,which
isa nationâsinvestment,minusitsdisposal of assetstoassistincapital formationorproduce inventories
of goodsor valuables.Examplescanbe factories,machinery,orcomputersoftware.Alsoaddedwould
be governmentexpendituresof all sortsongoodsand services,suchasuniforms,orinvestmentin
researchand development.Finally,the value of the nationâsexportsisadded,andthe value of the
nationâsimportssubtracted.
The third approachis the income model.A nationâsGDPisequal tothe sum of the nationâsemployeesâ
total compensation.Tothis,statisticiansaddthe nationâsgrossoperating surplus,which 2008 SNA
definesasthe âcontributionof capital toproductionâ (Inter-SecretariatWorkingGrouponNational
Accounts,2012, p. 418) and mixedincome suchasinterestpaymentsandtaxes.Fromthissubtotal,they
subtract anysubsidiesoneitherproductionorimports.
In theory,these three methodsshouldproduce the same resultsforthe same nationduringthe same
time periods.Inreality,however,oftenthese methodsproduce differentresults,if onlybecause of slight
differencesinrounding.These methodsalsouse differentsourcesanddifferentestimationmethods,
none of whichare perfect (Landefeldetal.,2008, p. 210).
CollectingStatistics
The followingexplanationof howa nationâsGDPisestimatedisbasedonthe UnitedStatesâmethods.
Othernationswill use slightly(orvery) differentmodels,andtheirstatisticsmaybe more orlessreadily
available.Forexample,GreatBritainusesestimatesfromall three methodsof calculatingGDPto
produce a single GDPestimate. (Topicguide to:NationalIncome,ExpenditureandOutput:Overview
Tab) The readershouldalsobe cautionedthatnonation,anywhere,nomatterhow transparentits
culture,tellsthe truth,the whole truth,andnothingbutthe truthabout itseconomy.Thisisparticularly
but notentirelylimitedtosuchobviouslysensitiveissuesasdefense,intelligence,andresearchand
developmentexpenditures.ReadersinterestedinunderstandingtheirnationâsGDPandthe waythat
GDP is calculatedshouldconsultthe websiteof theirgovernmentagencywithresponsibilityfor
estimatingandcompilingthese estimates,suchasthe Central Bureauof Statistics.
The processoutlinedbelowisagrosslysimplified,theoretical glossof anauthoritative accountof a
single nationâsestimatingprocedurethatwasneverthelessitself simplified. (Source throughoutthis
section,unlessotherwise noted,isLandefeldetal.,2008, pp.196â199).
An agencyof a national government,suchasthe Bureauof Economic Analysisof the Central Bureauof
Statistics,estimatesthe national GDPaccordingtothe expendituresmodel.(The mathematical formula
5. for the expendituresmodel is:C+ I + G + (X - M), withC= Consumption,I=investment,G= government
expenditures,X = exportsandM = imports.)
Every five years,inyearsendingin2 and 7, thisBureauof EconomicAnalysisconductsaneconomic
censusof âvirtuallyallâthe businesseslocatedinthe nationthatpaytheiremployees.The Bureauthen
analyzesthe data,supplementingitwithstudiesandsurveyswhennecessary,thenadjustingthe figures,
to formthe basisof the nominal GDPfor what isknownas a benchmarkyear.For large economies,this
processcan take several years.The resultingestimate isknownasthe nominal GDP,whichisthen
deflated,oradjustedforinflation.
These GDP andother NIPA estimatesare thenpresentedinâchainedâcurrencies:forexample,the U.S.
GDP estimatesare currentlypresentedinchained2005 dollars.Inthe wordsof the U.S.Bureau of
EconomicAnalysis,âchain-type estimatesprovide the bestavailablemethodforcomparingthe level of a
givenseriesattwopointsintime.Chained-dollarestimatesare obtainedbymultiplyingthe chain-type
quantityindex foranaggregate byits value incurrentdollarsinthe reference year[2005] and dividing
by 100â (NIPA TablesHelp).The resultof thisanalysisisaGDP estimate thatreflectsthe nationâscurrent
abilitytocollecteconomicdataandorganize itaccordingto national priorities.Forexample,in1999, the
UnitedStatesbeganrecognizinginvestmentincomputersoftware asafixedinvestment.Anynationwill
have similarexamplesof itsown.
Like populationcensuses,economiccensusesare treasure trovesof data.However,evenif acountry
choosestoconduct economiccensuses,theyonlyoccureveryseveral years.The benchmarkGDP
estimatestheyenable lagbyseveral yearsbecause itrequirestimeandefforttoanalyze sucha large
trove of data.Thus a nationâsCentral Bureauof Statistics mayalsoestimate the GDPon an annual and
quarterlybasisbysamplingfirmsthatreporttoit. Typically,responsestoformal census,whether
populationoreconomic,are mandatory,butrespondingtoannual orquarterlysurveysmaybe
voluntary,depending ona nationâspolicies.Foranideaof scale,as of 2008, the annual U.S. sample size
has beenabout150,000 respondents,andthe quarterlyabout35,000; inthe UnitedStates,response to
the formerismandatoryand to the latter,voluntary.(Incomparison,the U.S.benchmark,oreconomic
census,sample hasmore than7 millionrespondents.)
In mature economieswithanaccomplishedcivilservice,quarterlyestimatescanappearinthree phases.
These estimatesmightbe baseduponmonthlysurveydataprovidedbyrespondents,augmentedby
extrapolationsbythe Bureauof EconomicAnalysis.AnAdvancedQuarterlyEstimate of GDPwouldbe
issuedaboutone monthafterthe quarterended.Approximatelyone monthafterthe Advanced
QuarterlyEstimate,ortwomonthsafterthe quarter ended,additional andrevisedsurveydatawouldbe
incorporatedintothe PreliminaryQuarterlyEstimate.Three monthsafterthe endof the quarter,the
Final QuarterlyEstimate ispublished.Thenthe Bureauof EconomicAnalysismaychoose tore-examines
itsGDP estimatesforthatcalendaryearanda setperiodof precedingyearsinordertoadjustitsGDP
estimatesbasedonanynewinformation,suchasfromannual surveys,industrysurveys,andother
sourcesof information,includingthe nationâstax authorities.
6. Limitations of GDP
GDP reflectsonlythatwhichcan be counted.If âitâ cannotbe counted,orif a nationâspolicymakersdo
not wantâitâ counted,âitâwill notbe reflectedinGDP,nomatterhow importantâitâis inthe real life of
a nation.
Gross DomesticProductisthe most importantaggregate of the National Income andProductsAccounts,
at leastintermsof publicuse.Alongwithunemploymentfigures,the GDPisthe single statistic
politiciansare mostlikelytopointtowhen theywishtosay,âLook, the economyisgrowing!Weâre
booming!âorâLook, the economyisshrinking!Weâre inrecession!âCertainly,if youunderstandGDPas
an aggregate figure andare willingtotake some time diggingintothe NIPAsthatproduce it,you can
learna great deal aboutan economy.Youcan learnhow much of itsproductionisagricultural,how
much industrial,howmuchisservices.Youcan alsoascertainwhattypesof goodsare beingproduced,
whatsectors produce what,andduringwhat timeframe.
However,since Kuznetsandhisteambeganthe workthat createdthe conceptof GDP, economistshave
recognizedthatwhile GDPreflectsimportantinformationaboutaneconomy,itisaninadequate
reflectionof the totalityof economies.GDPpoorlyreflectsthe economicrealitiesof the livesof the
humanbeingsinthe economy.Kuznetsstatedthisexplicitlyin1934, as he wrote in hisveryfirstreport
to Congress,âThe welfare of anationcan, therefore,scarcelybe inferredfromameasure of national
incomeâ(Rothkopf,2011). Kuznetsandhisteam of economistsknew whentheyreleasedtheir
statistical workthattheywere dealingwithnumbers,andnumbersonlyreflectthingsthatcan easilybe
counted.Thisisthe fundamental limitationof economics:If itcannotbe countedorif itis notsocially
valuedenoughtobe counted,itdoesnotexist.
What GDP Counts and What It Does Not
GDP counts onlythe goodsandservicesproducedwithinacountry,notthose of that countryâs
âcompetitors.â
GDP doesnot reflectthe identityof the ownersof the meansof production.Are theyindividual citizens
or cooperatives,smalllocal companies,large multinationals?The statisticissilent.
GDP doesnot reflectthe identityof the producers. Are theycitizens,legal aliens,illegal immigrants
desperate forabetterlife,robots?
GDP doesnot reflectthe payandtreatmentof workers.Itdoesnot reflectunemploymentand
underemploymentfiguresandwhatthe opportunitycosttosocietyisof theirlostintelligence,ambition,
energyandtalent,creativity,andcontributions.
GDP doesnot reflectaverage nationalincome,aneconomicindicatorof itsown.Itdoesnot reflectthe
distributionof income andaccumulatedwealth,eventhoughhighdegreesof inequalitycarrysignificant
economiccosts.
7. GDP doesnot reflectwhatismade bya societyâsworkers,orhow well itismade.Certaincountrieshave
a reputationfordesignandcraftsmanship,while othercountriesdonot.GDPdoesnot representthe
humancost of shoddygoods,asopposedtothe humansatisfactionof the well-made.
By the same standard,GDP doesnot mentionwhatacountry isactuallyimporting.Isitimportingluxury
goods,high-tech,ormachine tools?If anationisimportingdurable goods,isitdoingsobecause itno
longermanufacturesthese itself,orisitinthe processof creatingitsown manufacturingbase?Doesits
foreigntrade balance forseveral years,ordoesitrun deficitsorsurplusesyearafteryear?
GDP doesnot count the downstreamcostsof imports,especiallywhennationsrunhightrade deficits
yearafter year.It doesnotanswerthe questions,if anationhada policyof runninga trade balance,
bothin termsof costs and technology,wouldithave ahigherGDP, lessunemployment,alargerand
deepermanufacturingsector?
GDP doesnot include environmentaldamage done toacountry byits industrial,agricultural,andsocial
policies.
GDP doesnot countunpaidlabor,evenwhenitisabsolutelyvital tosociety,evenwhen,if itisnotdone
well,forwhateverreasons,the economicdimensionsof the humancostcan be veryhigh.Raising
childrenandcaringfor the elderlyare twoobviousexamples.The economistMarilynWaringfirst
formulatedthiscritiquewiththe 1988 publicationof herbook COUNTING FOR NOTHING: WHAT MEN
VALUE AND WHAT WOMEN ARE WORTH, a critique thenconsideredmarginal,butnow becoming
mainstream.
GDP doesnot include personalproductionthatisnevermeanttobe soldonthe formal market,whether
it isfor home use or barter.Thiscottage productioncanrange from unskilledandundistinguished
productsto workthat is betterthansimilaritemsproducedbyanyone buta veryfew mastercraftersin
specializedworkshops.Therefore,notonlycanthe productionnotbe seen,buta range of valuescannot
be assignedtoit because itnevercomesonthe market.
GDP doesnot include the undergroundeconomy:legitimateworkof all sortsthat ispaidfor incash, as
well asthe salesof humanbeings,drugs,andstolenproperty.The firstrobsnotonlythe state of tax
revenue,butalsoall the people wholive inthatstate,all of whomuse the wide varietyof social services
and governmentprogramsthose taxesfund.The secondimposeshorrendouscostsonsocietyby
eliminatingafloorunderneathhumanbeings,below whichnohumanbeinginthe nationcanbe
treated.
To get an accurate depictionof the real healthof anynationâseconomy,individualshave toaskthese
questionsandothers.The wise investorcannotrelyona single statistic,norcan the wise citizen.The
answersalwaysdependuponthe questionsasked.
Alternatives to GDP
Finally,GDPdoesnotreflectqualityof life orhappiness,eitherpersonal orsocial.There iswidespread
recognitionamongseriouseconomistsandpolicymakersaboutthe limitationsof GDP.Meanwhile,there
8. are nascentalternatives,suchasthe U.N. HumanDevelopmentIndexandthe EuropeanUnion-
sponsoredCommissiononthe Measurementof EconomicPerformance andSocial Progress.In2004,
Chinabeganto developaGreenGDP program, an attemptto calculate the economiccostsof pollution.
That initiativewassuppressedin2007, but by early2012, there were indicationsinthe Chinesepress
that itwas beingresurrected (Lelyveld,2012).As of 2012, however,nosingle alternative statisticwas
widelyusedtoconveythe totalityof anationâseconomicperformance the wayGDPis.
The followingtable isarankorder of the top 10 nationsor national regionsbyGDP,GDP percapita, Life
Expectancyat Birth,and theirU.N.Human Developmentrankingsasof September2012. It can be
readilyseenthatwhile GDPisimportant,itisalsonotthe totalityof a nationâseconomyandthe impact
of thateconomyuponhumanlives.
GDP (UnitedStates
Central Intelligence
Agency)
GDP per Capita
(UnitedStatesCentral
IntelligenceAgency)
Life Expectancy at
Birth (UnitedStates
Central Intelligence
Agency,2012)
UN Human
DevelopmentIndex
(InternationalHuman
Development
Indicators,2011)
EuropeanUnion Liechtenstein Monaco Norway
UnitedStates Qatar Macau Australia
China Luxembourg Japan Netherlands
India Bermuda Singapore UnitedStates
Japan Singapore San Marino New Zealand
Germany Jersey Andorra Canada
Russia FalklandIsles/
IslasMalvinas
Guernsey Ireland
Brazil Norway Hong Kong Liechtenstein
UnitedKingdom Brunei Australia Germany
France Hong Kong Italy Sweden
Bibliography
Dickinson,E.(2011, January/February). GDP:a Brief History: OneStat to Rule ThemAll. Retrievedfrom
ForeignPolicy: http://www.foreignpolicy.com/articles/2011/01/02/gdp_a_brief_history
Hawkins,W.R. (2002, December18). USTrade RepresentativeCelebrates40 Years of Failure. Retrieved
fromAmericanEconomicAlert.org:
http://americaneconomicalert.org/view_art.asp?Prod_ID=713
InternationalHuman DevelopmentIndicators.(2011,November2).RetrievedfromUnitedNations
Human DevelopmentReports:http://hdr.undp.org/en/statistics/
Lelyveld,M.(2012, 02 13). China's'Green GDP' Resurfaces.RetrievedfromRadioFree Asia:
http://www.rfa.org/english/energy_watch/greengdp-02132012120520.html