Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). While GDP is the single most important indicator to capture economic activity, it falls short of providing a suitable measure of people's material well-being for which alternative indicators may be more appropriate. This indicator is based on nominal GDP (also called GDP at current prices or GDP in value) and is available in different measures: US dollars and US dollars per capita (current PPPs). All OECD countries compile their data according to the 2008 System of National Accounts (SNA). This indicator is less suited for comparisons over time, as developments are not only caused by real growth, but also by changes in prices and PPPs. Show
Latest publicationDefinition of Gross domestic product (GDP)Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). While GDP is the single most important indicator to capture economic activity, it falls short of providing a suitable measure of people's material well-being for which alternative indicators may be more appropriate. This indicator is based on nominal GDP (also called GDP at current prices or GDP in value) and is available in different measures: US dollars and US dollars per capita (current PPPs). All OECD countries compile their data according to the 2008 System of National Accounts (SNA). This indicator is less suited for comparisons over time, as developments are not only caused by real growth, but also by changes in prices and PPPs. CitationPlease cite this indicator as follows: Source databaseFurther indicators related to GDP and spendingFurther publications related to GDP and spendingReal gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2022, in contrast to a decrease of 0.6 percent in the second quarter. The increase in the third quarter primarily reflected increases in exports and consumer spending that were partly offset by a decrease in housing investment. Profits decreased less than 0.1 percent in the third quarter after increasing 4.6 percent in the second quarter. Private services-producing industries increased 4.9 percent, government increased 0.6 percent, and private goods-producing industries decreased 1.3 percent. Overall, 16 of 22 industry groups contributed to the third-quarter increase in real GDP. Media Credits The audio, illustrations, photos, and videos are credited beneath the media asset, except for promotional images, which generally link to another page that contains the media credit. The Rights Holder for media is the person or group credited. Director Tyson Brown, National Geographic Society Author National Geographic Society Production Managers Gina Borgia, National Geographic Society Jeanna Sullivan, National Geographic Society Program Specialists Sarah Appleton, National Geographic Society, National Geographic Society Margot Willis, National Geographic Society other
GDP refers to 'gross domestic product'. Image: Unsplash/John McArthur Share:
Stay up to date:Davos 2022Don't miss any update on this topicCreate a free account and access your personalized content collection with our latest publications and analyses. License and Republishing World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. The views expressed in this article are those of the author alone and not the World Economic Forum. Related topics:Share:Global Agenda The Agenda WeeklyA weekly update of the most important issues driving the global agenda What does gross domestic product track?GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Why is GDP used to measure economic growth?GDP as a Measure of Economic Well-Being
GDP measures the total market value (gross) of all U.S. (domestic) goods and services produced (product) in a given year. When compared with prior periods, GDP tells us whether the economy is expanding by producing more goods and services or contracting due to less output.
What is GDP method of growth measurement?The GDP growth rate compares the year-over-year (or quarterly) change in a country's economic output to measure how fast an economy is growing.
What are the 3 measurements of economic growth?The three most common ways to measure real GDP are: Quarterly growth at an annual rate. The four-quarter or "year-over-year" growth rate. The annual average growth rate.
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Gross domestic product tracks economic growth by measuring all goods and services
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