GDP growth in China 1952-2009 Sharp increase in GDP during the reform period GDP has risen from Rmb362.4 billion in 1978‚ at the start of the reform period‚ to Rmb30 trillion in 2008 (both figures at current prices). Structural change in the Chinese economy during the reform period The share of primary industry in GDP has fallen from 28% in 1978‚ at the beginning of the reform period‚ to 11% in 2008. This fall occurred because agricultural output grew more slowly than output of other
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Is Robert Kennedy right to believe that GDP is a deficient measure of an economy’s welfare? Explain your answer stating clearly why economists care about GDP. Tia Patel 1120 words GDP has been the long-established measure of a country’s economic progress. It is ‘an estimate of market throughput‚ adding together the value of all final goods and services that are produced and traded for money within a given period of time’ (Costanza‚ Hart‚ Posner and Talberth 2009: 3). Whilst it was designed to measure
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GDP vs GNP GDP can be contrasted with gross national product (GNP) or gross national income (GNI). The difference is that GDP defines its scope according to location‚ while GNP defines its scope according to ownership. In a global context‚ world GDP and world GNP are therefore equivalent terms. GDP is product produced within a country’s borders; GNP is product produced by enterprises owned by a country’s citizens. The two would be the same if all of the productive enterprises in a country were
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Product (GDP) is defined as the total value of all final goods and services produced in an economy within a given period (Economics Course Notes‚ 2006). As is common in most economies worldwide‚ it is used to gauge the performance of the economy. GDP is calculated with an assumption that all goods and services produced in the period specified have been sold‚ and all the income derived from the sale is spent within the same period. The expenditure method calculates GDP as follows: GDP = consumption
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Canadian trade is twice as large‚ relative to GDP‚ as Australia’s. Canada and Australia are (mainly) English-speaking countries with populations that are not too different in size (Canada is 60 percent larger). But Canadian trade is twice as large‚ relative to GDP‚ as Australia’s. Why should this be the case? Canada has a GDP of $1.8 trillion and Australia has a GDP of $1.5 trillion‚ they belong to the top 15 countries in the world in terms of GDP according to the World Bank. Canada
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The Differences Between Gross Domestic Income and Gross National Income. GDP stands for Gross Domestic Product and GNI stands for Gross National Income. GDP is the sum of the gross values added by all resident producers in the economy plus any product taxes and minus all subsidies not included in the value of the products. GDP is measured by the country’s overall economic output. GDP is the market value of all services and goods within the borders of a nation. Besides
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Q3 What are the difficulties in measuring GDP? A region’s Gross Domestic Product (GDP) is one of several measures of the size of its economy. The GDP of a country is defined as the market value of all final goods and services produced within a country in a given period of time. It’s also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time. The two terms GDP and GNP are almost identical. If consumer
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INDUSTRIES AND SERVICE SECTORTO GDP IN BANGLADESH FROM LATE 1950 TO TILL NOW Gross domestic product refers to the market value of all officially recognized final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country’s standard living. Economy of Bangladesh is composed of three main sectors 1) Agriculture‚ 2) Industry‚ 3) Service. Sector Wise GDP change in percentage: Year | Sector Wise GDP Change in percentage | | Agriculture
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Reprints This copy is for your personal‚ noncommercial use only. You can order presentation-ready copies for distribution to your colleagues‚ clients or customers here or use the "Reprints" tool that appears next to any article. Visit www.nytreprints.com for samples and additional information. Order a reprint of this article now. May 13‚ 2010 The Rise and Fall of the G.D.P. By JON GERTNER Whatever you may think progress looks like — a rebounding stock market‚ a new house‚ a good raise
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Singapore a small country with nearly 5 million people located in the south of Malay Peninsula‚ has been considered one of the most powerful global economies. Despite of the remarkable growth experienced during the period 2000-2007‚ in 2008-2009 coinciding with the financial crisis‚ the economy constrained causing a sharp deceleration in the GDP growth. Surprisingly‚ the country recovered so fast achieving an unprecedented growth of 14.8% in the year 2010. How can a small country like Singapore avoid
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