gross domestic product

Ever since the development of GDP, multiple observers have pointed out limitations of using GDP as the overarching measure of economic and social progress. For example, the GNI of the USA is the value of output produced by American-owned firms, regardless of where the firms are located. Some, including Martha Nussbaum, argue that this value should be included in measuring GDP, as household labor is largely a substitute for goods and services that would otherwise be purchased for value. [38] Because many public policies are shaped by GDP calculations and by the related field of national accounts,[39] the non-inclusion of unpaid work in calculating GDP can create distortions in public policy, and some economists have advocated for changes in the way public policies are formed and implemented.[40]. [52] In 2013 scientists reported that large improvements in health only lead to modest long-term increases in GDP per capita. [13] A crucial role was played here by the US Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions. Unlike consumer price index, which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods.[24]. [20], In 1991, the United States switched from using GNP to using GDP as its primary measure of production. [50] In 2019 "agriculture and agribusiness" accounted for 24 % of the GDP of Brazil, where a large share of annual net tropical forest loss occurred and is associated with sizable portions of this economic activity domain. By definition, GDI is equal to GDP. [43] In 2020 scientists, as part of a World Scientists' Warning to Humanity-associated series, warned that worldwide growth in affluence in terms of GDP-metrics has increased resource use and pollutant emissions with affluent citizens of the world – in terms of e.g. Gross domestic product 2019 (millions of Ranking Economy US dollars) USA 1 United States 21,427,700 CHN 2 China 14,342,903 JPN 3 Japan 5,081,770 DEU 4 IND 5 GBR 6 … An economy may be highly developed or growing rapidly, but also contain a wide gap between the rich and the poor in a society. To find the GDP of a country, one adds up all consumer spending (C), all investment (I), all government spending minus taxes (G), and the value of exports minus imports ( X – M ). All these qualifications upon estimates of national income as an index of productivity are just as important when income measurements are interpreted from the point of view of economic welfare. Copyright (c) 1995-2021 Kenkyusha Co., Ltd. All rights reserved. バンクシーが「Gross Domestic Product」という名のショップをオープンしたのは、このグリーティングカード制作会社が法的訴訟を起こしたのがいちばんの理由らしい。 Market value of goods and services produced within a country, "GDP" redirects here. "[14], GDP became truly global in 1993 when China officially adopted it as its indicator of economic performance. [citation needed] An inequality which the United Nations Sustainable Development Goal 10 amongst other global initiatives aims to address. "If the GDP is up, why is America down?" [59] Similarly GDP does not value or distinguish for environmental protection. It is measured widely in that some measure of GDP is available for almost every country in the world, allowing inter-country comparisons. [57] Some have pointed out that GDP did not adapt to sociotechnical changes to give a more accurate picture of the modern economy and does not encapsulate the value of new activities such as delivering price-free information and entertainment on social media. For example, suppose a country's GDP in 1990 was $100 million and its GDP in 2000 was $300 million. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors is then added to get the gross value of output at factor cost. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. 276, no. gross domestic product (usually uncountable, 複数形 gross domestic products) ( economics ) A measure of the economic production of a particular territory in financial capital terms over a specific time period. United States Department of Commerce, Bureau of Economic Analysis, This page was last edited on 10 February 2021, at 21:21. əkt / (abbreviation GDP) the total value of goods and services produced by a country in one year (Cambridge Academic Content Dictionary からの gross domestic product の定義 © Cambridge University Press) gross domestic product | ビジネス英語 [35], GDP does not take into account the value of household and other unpaid work. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. The major advantage of GDP per capita as an indicator of standard of living is that it is measured frequently, widely, and consistently. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector, by financial industries, and by intangible asset creation is more complex. The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units".[5]. All Rights Reserved. To avoid double-counting, GDP For example, many environmentalists argue that GDP is a poor measure of social progress because it does not take into account harm to the environment. GDP does not include several factors that influence the standard of living. GDP per capita is often used as an indicator of living standards.[25]. GDI should provide the same amount as the expenditure method described later. The GDP adjusted for changes in money value in this way is called the real, or constant, GDP. GDP（ジーディーピー）とは。意味や解説、類語。《gross domestic product》⇒国内総生産 - goo国語辞書は30万3千件語以上を収録。政治・経済・医学・ITなど、最新用語の追加も定期的に … The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. A common one is: The sum of COE, GOS and GMI is called total factor income; it is the income of all of the factors of production in society. Economic welfare cannot be adequately measured unless the personal distribution of income is known. When economists talk about the "size" of the economy, they are referring to GDP. The history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. This method measures GDP by adding incomes that firms pay households for factors of production they hire - wages for labour, interest for capital, rent for land and profits for entrepreneurship. It is measured consistently in that the technical definition of GDP is relatively consistent among countries. The UK's Natural Capital Committee highlighted the shortcomings of GDP in its advice to the UK Government in 2013, pointing out that GDP "focuses on flows, not stocks. If a country's GDP doubled over a certain period, but its population tripled, the increase in GDP may not mean that the standard of living increased for the country's residents; the average person in the country is producing less than they were before. These inequalities often occur on the lines of race, ethnicity, gender, religion, or other minority status within countries. Gross domestic product (GDP) is the total value of everything produced within a country's borders. To learn more about cookies, click here. … Though this reflects some recovery of activity following the record contraction in Quarter 2 (Apr to June) 2020, the level of GDP in the UK is still 8.6% below where it was at the end of 2019, revised from an initial estimate of 9.7%. [10] The modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. [25][29] As a result, GDP per capita as a standard of living is a continued usage because most people have a fairly accurate idea of what it is and know it is tough to come up with quantitative measures for such constructs as happiness, quality of life, and well-being. GDP (Y) is the sum of consumption (C), investment (I), government spending (G) and net exports (X – M). GDP - Gross domestic product is the total valuation of final goods and services produced within the geographical borders of a country during a specified period. Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Third Quarter 2020 Real gross domestic product (GDP) increased at an … We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. Measurements of national income are subject to this type of illusion and resulting abuse, especially since they deal with matters that are the center of conflict of opposing social groups where the effectiveness of an argument is often contingent upon oversimplification. Here's an alternative", "Gross National Happiness (GNH) - A New Socioeconomic Development Policy Framework - A Policy White Paper - The American Pursuit of Unhappiness - Med Jones, IIM", "Harvard Kennedy School Report to US Congressman 21st Century GDP: National Indicators for a New Era", "GDP and beyond: Measuring progress in a changing world", "Death by GDP - how the climate crisis is driven by a growth yardstick", Australian Bureau of Statistics Manual on GDP measurement, Bureau of Economic Analysis: Official United States GDP data, Historicalstatistics.org: Links to historical statistics on GDP for countries and regions, Stiglitz JE, Sen A, Fitoussi J-P. Mismeasuring our Lives: Why GDP Doesn't Add Up, New Press, New York, 2010, Whether output and CPI inflation are mismeasured, "Growth, Accumulation, Crisis: With New Macroeconomic Data for Sweden 1800–2000", Clifford Cobb, Ted Halstead and Jonathan Rowe. [53] After developing an abstract metric similar to GDP, the Center for Partnership Studies highlighted that GDP "and other metrics that reflect and perpetuate them" may not be useful for facilitating the production of products and provision of services that are useful – or comparatively more useful – to society, and instead may "actually encourage, rather than discourage, destructive activities". If you continue to navigate this website beyond this page, cookies will be placed on your browser. [12] At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by a country's citizens at home and abroad rather than its 'resident institutional units' (see OECD definition above). [2][3] GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. What is Gross Domestic Product? The most direct of the three is the production approach, which sums the outputs of every class of enterprise to arrive at the total. Suppose also that inflation had halved the value of its currency over that period. Bureau of Economic Analysis", "How Real GDP per Capita Affects the Standard of Living", "China Country Report Freedom in the World 2012", "Incorporating Estimates of Household Production of Non-Market Services into International Comparisons of Material Well-Being", "National Accounts: A Practical Introduction", "Satellite data strongly suggests that China, Russia and other authoritarian countries are fudging their GDP reports", Creative Commons Attribution 4.0 International License, "Affluence is killing the planet, warn scientists", "Overconsumption and growth economy key drivers of environmental crises", "Why GDP is no longer the most effective measure of economic success", "Earth has 3 trillion trees but they're falling at alarming rate", "Tree planting 'has mind-blowing potential' to tackle climate crisis", "Deforestation, distribution and development", "Amazon fires threaten Brazil's agribusiness", "Health Effects of Overweight and Obesity in 195 Countries over 25 Years", "Climate Change And Gross Domestic Product – Need For A Drastic Overhaul", "Economic growth and environmental sustainability", "Trump and the Teenager: A Climate Showdown at Davos", "GDP Is Not a Measure of Human Well-Being", "Rethinking GDP -- Finance & Development, March 2017", "Expressways, GDP, and the environment: The case of China", "GDP is destroying the planet. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. Another thing that it may be desirable to account for is population growth. The welfare of a nation can, therefore, scarcely be inferred from a measurement of national income as defined above. Estimate the gross value of domestic output out of the many various economic activities; Deduct intermediate consumption from gross value to obtain the gross value added. William Petty came up with a basic concept of GDP to attack landlords against unfair taxation during warfare between the Dutch and the English between 1654 and 1676. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. Even GDP per capita measures may have the same downside if inequality is high. United States, Bureau of Economic Analysis, Glossary, Simon Kuznets. [44][45][42] Sarah Arnold, Senior Economist at the New Economics Foundation (NEF) stated that "GDP includes activities that are detrimental to our economy and society in the long term, such as deforestation, strip mining, overfishing and so on". [11] In this report, Kuznets warned against its use as a measure of welfare[11] (see below under limitations and criticisms). They are the production (or output or value added) approach, the income approach, or the speculated expenditure approach. GDP例文帳に追加, That will heavily affect the gross domestic product.例文帳に追加, The gross domestic product is a measure of economic output.例文帳に追加, Figure 2-1-1-1 shows the trend in Gross Domestic Product (GDP).例文帳に追加, まず、第2-1-1-1 図は国内総生産（GDP）の変遷を示したものである。 - 経済産業省, Figure 1.3.4 shows a breakdown of the factors for the GDP growth rate in Japan and the US in 1990-1995 and 1995-2000, and analysis results of the contribution of IT in output (gross domestic product (GDP)) and input (gross domestic income (GDI)).例文帳に追加, その上で、日米それぞれの1990～1995年と1995～2000年とにおけるGDP成長率の要因分解を行い、アウトプット（GrossDomestic Product：国内総生産）及びインプット(Gross Domestic Income：生産要素の投入）におけるITの寄与度を分析した結果が第1-3-4表である。 - 経済産業省, その上で、日米それぞれの1990～1995年と1995～2000年とにおけるGDP成長率の要因分解を行い、アウトプット（GrossDomestic Product：国内総生産）及びインプット（Gross Domestic Income：生産要素の投入）におけるITの寄与度を分析した結果が第1-3-4表である。 - 経済産業省, Its gross domestic product (G.D.P.) The ranking of countries may differ significantly based on which method is used. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts. Per-capita GDP is a measure to account for population growth. (Intermediate goods and services are those used by businesses to produce other goods and services within the accounting year. [41], Instances of GDP measures have been considered numbers that are artificial constructs. Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run. Here is a description of each GDP component: Note that C, I, and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. gross domestic productとは。意味や和訳。《経済》国内総生産（略GDP） - 80万項目以上収録、例文・コロケーションが豊富な無料英和和英辞典。 GDP is product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. If GDP is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by the income approach. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. It measures the value of GDP at factor (basic) prices. is over 9.5 trillion euros, the world’s second largest after the United States.発音を聞く例文帳に追加, 連合全体の国内総生産(GDP)は９兆5000億ユーロを上回り，米国に次いで世界第２位となった。 - 浜島書店 Catch a Wave, (the measure of an economy adopted by the United States in 1991), gross domestic product (usually uncountable, 複数形 gross domestic products), When considering domestic demand, we must look at both flow (annual gross domestic product) and stock (outstanding national assets and liabilities).例文帳に追加, 内需を考える際には、フロー（1年間の国内総生産）とストック（国民資産・負債残高）の双方から考える必要がある。 - 経済産業省, In other words, it is necessary to shift the viewpoint from the expansion of domestic production to an emphasis on increasing the wealth of the people: specifically, "from Gross Domestic Product(GDP) to Gross National Income (GNI). The level of GDP in countries may be compared by converting their value in national currency according to either the current currency exchange rate, or the purchasing power parity exchange rate. Forums pour discuter de gross domestic product, voir ses formes composées, des exemples et poser vos questions. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring the total expenditure used to buy things is a way of measuring production. [49] According to one study, depending on the level of wealth inequality, higher GDP-growth can be associated with more deforestation. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). UK gross domestic product (GDP) is estimated to have increased by a record 16.0% in Quarter 3 (July to Sept) 2020, revised from the first estimate of 15.5% growth. Registration is now closed for the time being.If your application has been successful you will hear from us in the next few days. Total factor income is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices.[5]. Thayer Watkins, San José State University Department of Economics. GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them). Goals for more growth should specify more growth of what and for what. GDP can be determined in three ways, all of which should, theoretically, give the same result. It is often considered to be the "world's most powerful statistical indicator of national development and progress".[8]. Gross domestic product, current prices④ U.S. dollars 国内総生産（名目） U.S.ドル Gross domestic product, deflator Index GDPデフレーター Gross domestic product per capita, constant prices National currency 一人当たり国内総 As a result, an economy can run down its assets yet, at the same time, record high levels of GDP growth, until a point is reached where the depleted assets act as a check on future growth". As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. [21] GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For more information, see Measures of national income and output. Copyright © 2021 CJKI. "例文帳に追加, すなわち、国内の生産拡大という視点から、国民の富の拡大を重視する、「国内総生産（GDP）から国民総所得（GNI）へ」という発想の転換が必要となる。 - 経済産業省, Q.Also in the April-June quarter, the U.S. GDP (gross domestic product) grew 1.9 % from the previous quarter in real terms, a much slower growth than market expectations.発音を聞く例文帳に追加, 問）同じく４-６月期、アメリカなのですが、実質GDP（国内総生産）が前期比1.9%増、これは市場の予測をかなり下回っています。 - 金融庁, The economic outlook is bright because GDP (gross domestic product) in the April-June quarter showed an annual growth rate of 3.9 percent.発音を聞く例文帳に追加, ４―６月期のGDP(国内総生産)が年間成長率3.9％を示したため，経済の見通しは明るいとされる。 - 浜島書店 Catch a Wave, The Japanese Cabinet Office recently announced that Japan's nominal gross domestic product (GDP) for 2010 was 479.22 trillion yen (about 5.47 trillion dollars).発音を聞く例文帳に追加, 日本の内閣府は先ごろ，日本の2010年の名目国内総生産(GDP)が479兆2200億円(約５兆4700億ドル)であったと発表した。 - 浜島書店 Catch a Wave, Through the advance of reform and open-door policies, a high growth rate has been maintained since 1978, with the gross domestic product (GDP) growth rate in China marking an average of 9 percent (Fig. [58] In 2017 Diane Coyle explained that GDP excludes much unpaid work, writing that "many people contribute free digital work such as writing open-source software that can substitute for marketed equivalents, and it clearly has great economic value despite a price of zero", which constitutes a common criticism "of the reliance on GDP as the measure of economic success" especially after the emergence of the digital economy. For example, Jean Drèze and Amartya Sen have pointed out that an increase in GDP or in GDP growth does not necessarily lead to a higher standard of living, particularly in areas such as healthcare and education. Gross Domestic Product data can be found in the National Accounts dataset portal, and in the Data Tables tab of the International Financial Statistics dataset portal. Market goods that are produced are purchased by someone. 4, October 1995, pages 59–78, GDP and GNI in OECD Observer No246-247, Dec 2004-Jan 2005, List of top international rankings by country, Number of broadband Internet subscriptions, https://en.wikipedia.org/w/index.php?title=Gross_domestic_product&oldid=1006066047, Articles with unsourced statements from July 2019, Articles with unsourced statements from June 2016, All articles needing additional references, Articles needing additional references from September 2020, Creative Commons Attribution-ShareAlike License. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market.

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