GDP

(noun)

Gross Domestic Product (Economics). A measure of the economic production of a particular territory in financial capital terms over a specific time period.

Related Terms

Examples of GDP in the following topics:

  • Gross Domestic Product

    • GDP only refers to goods produced within a particular country.
    • GDP.
    • Components of GDP by expenditure are:
    • Another way of measuring GDP is to measure total income.
    • Two adjustments must then be made to get GDP:

  • Growth Economics

    • Long term trends in economic growth can be measured by tracking changes in a nation's gross domestic product (GDP) over time.
    • GDP is defined as the market value of all goods and services produced by the economy in a given year.
    • By itself, GDP doesn't necessarily tell us much about the state of the economy, but change in GDP does.
    • It is conventionally measured as the percent rate of increase in real GDP.
    • Economic growth is measured as a percentage change in the GDP or Gross National Product (GNP).

  • Benefits of Globalization

    • From 1962 to 1989, South Korea's GDP growth averaged over 8%, year-on-year.
    • The general stance is that the benefits of globalization outweigh the economic and social costs by achieving higher efficiency and by providing GDP growth in underdeveloped regions.
    • One pro-globalization argument involves how, based on per capita GDP growth rates, developing countries become wealthier.
    • Another relationship between globalization and GDP was seen in the 1990s when developing countries had 5.0% annual growth compared to only 2.2% annual growth in economies that had been globalized for longer.
    • This means larger volumes of sales and exchange, larger growth rates in GDP, and more empowerment of individuals and political systems through acquiring additional resources and capital.

  • The Business Cycle

    • Expansion: The period of time in which real GDP rises and unemployment declines.
    • Contraction: The period of time in which real GDP declines and unemployment rises.
    • Peak: A peak occurs when the real GDP reaches its maximum, stops rising, and begins to decline.
    • Trough: A trough occurs when the real GDP reaches its minimum, stops declining, and begins to rise.
    • However, the recent research employing spectral analysis has confirmed the presence of business (Juglar) cycles in the world GDP dynamics at an acceptable level of statistical significance.

  • Free Enterprise

    • Peoples' Republic of China's Nominal Gross Domestic Product (GDP) Between 1952 to 2005
    • Scatter graph of the People's Republic of China's GDP between years 1952 to 2005, based on publicly available nominal GDP data published by the People's Republic of China and compiled by Hitotsubashi University (Japan) and confirmed by economic indicator statistics from the World Bank.

  • Definition and Challenges of a Global Corporation

    • As gross domestic product (GDP) growth migrates from mature economies, such as the US and EU member states, to developing economies, such as China and India, it becomes highly relevant to capture growth in higher growth markets. is a particularly strong visual representation of the advantages a global corporation stands to capture, where the darker green areas reppresent where the highest GDP growth potential resides.
    • In that year China and India had the highest GDP growth rates.

  • Major Historical Developments in the Global Economy

    • One particularly relevant success story was the United States economy in the 20th century, which as a result of large technological increases provided enormous opportunities for GDP growth .
    • As a result, the United States per capita GDP levels in 2010 were equivalent to nearly 500% of those in 1929.
    • This adverse factor on GDP growth effected each individual country differently, pushing Greece, Spain, Italy, and a number of other countries to the brink of economic disaster.

  • Elements of economic globalization

    • Between 1990 and 2001, the percentage of exports and imports in total economic output (GDP) rose from 32.3 per cent to 37.9 per cent in industrialized countries, and from 33.8 per cent to 48.9 per cent in low and middle-income countries (World Briefing Paper, 2001).
    • Since 1980, global flows of foreign direct investment have more than doubled relative to GDP (World Briefing Paper, 2001).

  • Trends in Advertising

    • The share of advertising spending relative to GDP has changed little across large changes in media.
    • Advertising spending as a share of GDP was about 2.9 percent.
    • Nonetheless, advertising spending as a share of GDP was slightly lower—about 2.4 percent.

  • Capitalism in the U.S.

    • Peoples' Republic of China's Nominal Gross Domestic Product (GDP) Between 1952 to 2005
    • Scatter graph of the People's Republic of China's GDP between years 1952 to 2005, based on publicly available nominal GDP data published by the People's Republic of China and compiled by Hitotsubashi University (Japan) and confirmed by economic indicator statistics from the World Bank.