It is primarily used to assess the health of a country's economy. The GDP of a country is calculated by adding the following figures together: personal consumption; private investment; government spending; and exports less imports.

The figure is generally expressed as a dollar amount and its growth rate as percentage change from one period to the next where the time period is typically quarterly or yearly.

While quarterly growth rates are a periodic measure of how the economy is faring, annual GDP figures are often considered the benchmark for the overall size of the economy.

Nominal GDP takes current market prices into account without factoring in inflation or deflation. Nominal GDP looks at the natural movement of prices and tracks the gradual increase of an economy's value over time.

The GDP for the U. On the contrary, real GDP factors in inflation. Economists generally prefer using real GDP as a way to compare a country's economic growth rate.

Real GDP is how economists can tell whether there is any real growth between one year and the next. It is calculated using goods and services prices from a base year, rather than current prices, in order to adjust for price changes.

There are three primary ways of calculating GDP: first, by adding up what everyone earned in a year known as the income approach or by adding up what everyone spent in a year the expenditure method.

Logically, both measures should arrive at roughly the same total. The income approach, which is sometimes referred to as GDP I , is calculated by adding up total compensation to employees, gross profits for incorporated and non-incorporated firms, and taxes less any subsidies.

The expenditure method is the more common approach and is calculated by adding private consumption and investment, government spending, and net exports.

Finally, GDP can equivalently be measured based on the value of goods or services produced in an economy over the course of the year the production or output approach.

Because economic output requires expenditure and is, in turn, consumed, these three methods for computing GDP all arrive at the same value. In general, the following simplified equation is often employed to calculate a nation's GDP via the expenditure approach:.

GDP is an important measurement for economists and investors because it is a representation of economic production and growth. Of all the components that make up a country's GDP, the foreign balance of trade is especially important.

The GDP of a country tends to increase when the total value of goods and services that domestic producers sell to foreign countries exceeds the total value of foreign goods and services that domestic consumers buy.

When this situation occurs, a country is said to have a trade surplus. If the opposite situation occurs—if the amount that domestic consumers spend on foreign products is greater than the total sum of what domestic producers are able to sell to foreign consumers—it is called a trade deficit.

In this situation, the GDP of a country tends to decrease. In addition, there are several popular variations of GDP measurements which can be useful for different purposes:.

Since GDP is based on the monetary value of goods and services, it is subject to inflation. Rising prices will tend to increase a country's GDP, but this does not necessarily reflect any change in the quantity or quality of goods and services produced.

Real GDP is calculated using a GDP price deflator , which is the difference in prices between the current year and the base year.

Real GDP accounts for changes in market value, and thus, narrows the difference between output figures from year to year. If there is a large discrepancy between a nation's real GDP and its nominal GDP, this may be an indicator of either significant inflation or deflation in its economy.

Nominal GDP is used when comparing different quarters of output within the same year. This is because, in effect, the removal of the influence of inflation allows the comparison of the different years to focus solely on volume.

Overall, real GDP is a better method for expressing long-term national economic performance. In this example, if you were to look solely at the nominal GDP, the economy appears to be performing well.

GDP can be determined via three primary methods. All three methods should yield the same figure when correctly calculated. These three approaches are often termed the expenditure approach, the output or production approach, and the income approach.

The expenditure approach, also known as the spending approach, calculates spending by the different groups that participate in the economy.

The U. GDP is primarily measured based on the expenditure approach. All these activities contribute to the GDP of a country.

Consumption refers to private consumption expenditures or consumer spending. Consumers spend money to acquire goods and services, such as groceries and haircuts.

Consumer spending is the biggest component of GDP, accounting for more than two-thirds of the U. Consumer confidence, therefore, has a very significant bearing on economic growth.

A high confidence level indicates that consumers are willing to spend, while a low confidence level reflects uncertainty about the future and an unwillingness to spend.

Government spending represents government consumption expenditure and gross investment. Governments spend money on equipment, infrastructure, and payroll.

Government spending may become more important relative to other components of a country's GDP when consumer spending and business investment both decline sharply.

This may occur in the wake of a recession, for example. Investment refers to private domestic investment or capital expenditures.

Businesses spend money in order to invest in their business activities. For example, a business may buy machinery. Business investment is a critical component of GDP since it increases the productive capacity of an economy and boosts employment levels.

The goods and services that an economy makes that are exported to other countries, less the imports that are purchased by domestic consumer, represents a country's net exports.

All expenditures by companies located in a given country, even if they are foreign companies, are included in this calculation.

The production approach is essentially the reverse of the expenditure approach. Whereas the expenditure approach projects forward from costs, the production approach looks backward from the vantage point of a state of completed economic activity.

The income approach represents a kind of middle ground between the two other approaches to calculating GDP. Videos — können nicht mehr dargestellt werden.

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DSL Angebote. Definition 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.

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