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Total market value of goods and services produced within a country
GDP WorldBank
GDP per capita (WorldBank)

Gross domestic product (GDP) is a monetary measure of the total market value[1] of all of the final goods and services which are produced and rendered during a specific period of time (usually a year) by a country[2] or countries.[3][4] GDP is often used to measure the economic activity of a country or region.[2] The major components of GDP are consumption, government spending, net exports (exports minus imports), and investment. Changing any of these factors can increase the size of the economy. For example, population growth through mass immigration can raise consumption and demand for public services, thereby contributing to GDP growth. However, GDP is not a measure of overall standard of living or well-being, as it does not account for how income is distributed among the population. A country may rank high in GDP but still experience jobless growth depending on its planned economic structure and strategies. Dividing total GDP by the population gives an idealized rough measure of GDP per capita.[5][3] Several national and international economic organizations, such as the OECD and the International Monetary Fund, maintain their own definitions of GDP.[6][7]

GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It serves as a statistical indicator of national development and progress. Total GDP can also be broken down into the contribution of each industry or sector of the economy.[8] Nominal GDP is useful when comparing national economies on the international market using current exchange rate.[9] To compare economies over time, inflation can be adjusted by comparing real instead of nominal values. For cross-country comparisons, GDP figures are often adjusted for differences in the cost of living using purchasing power parity (PPP). GDP per capita at purchasing power parity can be useful for comparing living standards between nations.

GDP has been criticized for leaving out key externalities, such as resource extraction,[clarification needed] environmental impact and unpaid domestic work.[10] Alternative economic indicators such as doughnut economics use other measures, such as the Human Development Index or Better Life Index, as better approaches to measuring the effect of the economy on human development and well-being.

History

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U.S. YoY Quarterly gross domestic product growth rate

Sir William Petty came up with a concept of GDP, to calculate the tax burden, and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674.[11] Charles Davenant developed the method further in 1695.[12]

The modern concept of GDP was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms).[13] After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy.[14] 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). The switch from GNP to GDP in the United States occurred in 1991. 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.[15] A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions. According to a 2020 opinion poll around 25% of United States citizens found the gross domestic product as the best economic indicator.[16]

The history of the concept of GDP should be distinguished from the history of changes in many ways of estimating it. 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. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In the words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework."[17]

China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system.[18]

Determining gross domestic product (GDP)

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An infographic explaining how GDP is calculated in the UK

GDP can be determined in three ways, all of which should, theoretically, give the same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy.

The most direct of the three is the production approach, which sums the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of the products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.[19]

Production approach

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Also known as the Value Added Approach, it calculates how much value is contributed at each stage of production.

This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above.

  1. Estimate the gross value of domestic output out of the many various economic activities;
  2. Determine the intermediate consumption, i.e., the cost of material, supplies and services used to produce final goods or services.
  3. Deduct intermediate consumption from gross value to obtain the gross value added.

Gross value added = gross value of output – value of intermediate consumption.

Value of output = value of the total sales of goods and services plus the value of changes in the inventory.

The sum of the gross value added in the various economic activities is known as "GDP at factor cost".

GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price".

For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods:

  1. By multiplying the output of each sector by their respective market price and adding them together
  2. By collecting data on gross sales and inventories from the records of companies and adding them together

The value of output of all sectors is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices".

Income approach

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U.S 2015 GDP computed on the income basis

The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units".[6]

If GDP is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies.

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.

The US "National Income and Product Accounts" divide incomes into five categories:

  1. Wages, salaries, and supplementary labor income
  2. Corporate profits
  3. Interest and miscellaneous investment income
  4. Income earned by sole proprietors and from the Housing subsector (net of expenses)
  5. Net income from transfer payments from businesses

These five income components sum to net domestic income at factor cost.

Two adjustments must be made to get GDP:

  1. Taxes on production and imports minus subsidies are added to get from factor cost to market prices.
  2. Depreciation (or capital consumption allowance) is added to get from net domestic product to gross domestic product.

Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by the income approach. A common one is:[citation needed]

GDP = Compensation of employeesCOE + gross operating surplusGOS + gross mixed incomeGMI + taxes less subsidies on production and importsTP&M − SP&M
  • Compensation of employees (COE) measures the total remuneration to employees for work done. It includes wages and salaries, as well as employer contributions to social security and other such programs.
  • Gross operating surplus (GOS) is the surplus due to owners of incorporated businesses. Often called profits, although only a subset of total costs are subtracted from gross output to calculate GOS.
  • Gross mixed income (GMI) is the same measure as GOS, but for unincorporated businesses. This often includes most small businesses.

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. It measures the value of GDP at factor (basic) prices. 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. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices.

Total factor income is also sometimes expressed as:

Total factor income = employee compensation + corporate profits + proprietor's income + rental income + net interest[20]

Expenditure approach

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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.[6]

Market goods that are produced are purchased by someone. 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. This is known as the expenditure method of calculating GDP.

Components of GDP by expenditure

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U.S. GDP computed on the expenditure basis

GDP (Y) is the sum of consumption (C), investment (I), government expenditures (G) and net exports (X − M).

Y = C + I + G + (X − M)

Here is a description of each GDP component:

  • C (consumption) is normally the largest GDP component in the economy, consisting of private expenditures in the economy (household final consumption expenditure). These personal expenditures fall under one of the following categories: durable goods, nondurable goods, and services. Examples include food, rent, jewelry, gasoline, and medical expenses, but not the purchase of new housing.
  • I (investment) includes, for instance, business investment in equipment, but does not include exchanges of existing assets. Examples include the construction of a new mine, the purchase of software, or the purchase of machinery and equipment for a factory. Spending by households (not the government) on new houses is also included in investment. In contrast to its colloquial meaning, "investment" in GDP does not mean purchases related to financial investments. Buying financial products is classed as 'saving', as opposed to investment. This avoids double-counting: if one buys shares in a company, and the company uses the money received to build a plant, purchase equipment, etc., the amount will be counted toward GDP when the company spends the money on those things; to also count it when one gives it to the company would be to count two times an amount that only corresponds to one group of products. Buying bonds or companies' equity shares is a swapping of deeds, a transfer of claims on future production, not directly an expenditure on products; buying an existing building will involve a positive investment by the buyer and a negative investment by the seller, netting to zero overall investment.
  • G (government spending) is the sum of government expenditures on final goods and services. It includes salaries of public servants, purchases of weapons for the military and any investment expenditure by a government. It does not include any transfer payments, such as social security or unemployment benefits. Analyses outside the US will often treat government investment as part of investment rather than government spending.
  • X (exports) represents gross exports. GDP captures the amount a country produces, including goods and services produced for other nations' consumption, therefore exports are added.
  • M (imports) represents gross imports. Imports are subtracted since imported goods will be included in the terms C, I, and G, and must be deducted to avoid counting foreign supply as domestic.

C, I, and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within the accounting year.[21]) So for example if a car manufacturer buys auto parts, assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP.

According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general, the source data for the expenditures components are considered more reliable than those for the income components [see income method, above]."[22]

Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX.[1][23]

Nominal GDP and real GDP

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The raw GDP figure given by the equations above is called the nominal, historical, or current GDP. When comparing GDP figures from one year to another, compensating for changes in the value of money—for the effects of inflation or deflation—is desirable. To make it more meaningful for year-to-year comparisons, a nominal GDP may be multiplied by the ratio between the value of money in the year the GDP was measured and the value of money in a base year.

For example, suppose a country's GDP in 1990 was $100 million and its GDP in 2000 was $300 million. Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as a base year. The result would be that the GDP in 2000 equals $300 million × 1⁄2 = $150 million, in 1990 monetary terms. 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. The GDP adjusted for changes in money value in this way is called the real GDP.

The factor used to convert GDP from current to constant values in this way is called the GDP deflator. 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]

National measurement

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Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to the information required (especially information on expenditure and production by governments).

International standards

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The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund, European Union, Organisation for Economic Co-operation and Development, United Nations and World Bank. The publication is normally referred to as SNA2008 to distinguish it from the previous edition published in 1993 (SNA93) or 1968 (called SNA68)[25]

SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions.

Problems with GDP data

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A peer-reviewed study published in the Journal of Political Economy in October 2022 found signs of manipulation of economic growth statistics in the majority of countries.[26][27] This manipulation was greatest in countries that were semi-authoritarian/authoritarian, or did not have effective separation of powers. The study took the annual growth in the brightness of lights at night, as measured by satellites, and compared it to officially reported economic growth. Authoritarian states consistently reported higher growth in GDP than the growth in night lights would suggest, an effect that could not be explained by economic structures, sector composition or other factors.[26]

Corporate havens can also have a distorted GDP.

Lists of countries by GDP

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Economic growth

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Real GDP per capita growth in % (2025)[28]

Real GDP can be used to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change. The economic growth can be expressed as:

Relation to gross national income

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GDP can be contrasted with the gross national income (GNI) also known as gross national product (GNP). The difference is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms.

GDP is a product produced within a country's borders; GNI 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 owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within a country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located.

Gross national income (GNI) equals GDP plus income receipts from the rest of the world minus income payments to the rest of the world.[29]

In 1991, the United States switched from using GNP to using GDP as its primary measure of production.[30] The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts.[31]

Other examples that amplify differences between GDP and GNI can be found by comparing indicators of developed and developing countries. The GDP of Japan for 2020 was 5.05559 trillion.[32] Predictably, as a developed country, Japan has a higher GNI of 5.16915 trillion for the same year,[33] an increase of 113.560 million. This is indicative of the production level in the country being higher than that of national production. On the other hand, the case with Armenia is the opposite with its GNI in 2023 being lower than its GDP by 3.85 billion. This shows countries that receive investments and foreign aid from abroad.[34][35

See also

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References

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  1. 1 2 Duigpan, Brian (2017-02-28). "gross domestic product". Encyclopedia Britannica. Archived from the original on 2023-02-25. Retrieved 2023-02-23.
  2. 1 2 "gross domestic product (GDP) – Students". Britannica Kids. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.
  3. 1 2 Callen, Tim. "Gross Domestic Product: An Economy's All". Finance & Development | F&D. International Monetary Fund. Archived from the original on 30 October 2022. Retrieved 23 February 2019.
  4. ↑ "Gross Domestic Product (GDP) Definition". Britannica Money. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.
  5. ↑ "Gross Domestic Product". Bureau of Economic Analysis. Archived from the original on 13 December 2021. Retrieved 23 February 2019.
  6. 1 2 3 "OECD". Archived from the original on 27 June 2021. Retrieved 14 August 2014.
  7. ↑ Callen, Tim. "Gross Domestic Product: An Economy's All". IMF. Archived from the original on 11 December 2021. Retrieved 3 June 2016.
  8. ↑ Dawson, Graham (2006). Economics and Economic Change. FT / Prentice Hall. p. 205. ISBN 978-0-273-69351-2.
  9. ↑ Hall, Mary. "What Is Purchasing Power Parity (PPP)?". Investopedia. Archived from the original on 5 November 2016. Retrieved 23 February 2019.
  10. ↑ Raworth, Kate (2017). Doughnut economics: seven ways to think like a 21st-century economist. ISBN 978-1-84794-138-1. OCLC 974194745.
  11. ↑ "Petty impressive". The Economist. 21 December 2013. Archived from the original on 9 May 2018. Retrieved 1 August 2015.
  12. ↑ Coyle, Diane (6 April 2014). "Warfare and the Invention of GDP". The Globalist. Archived from the original on 1 October 2015. Retrieved 1 August 2015.
  13. 1 2 Congress commissioned Kuznets to create a system that would measure the nation's productivity in order to better understand how to tackle the Great Depression.Simon Kuznets, 1934. "National Income, 1929–1932". 73rd U.S. Congress, 2d session, Senate document no. 124, page 5–7 Simon Kuznets, 1934. "National Income, 1929–1932". 73rd U.S. Congress, 2d session, Senate document no. 124, page 5–7 Simon Kuznets, 1934. "National Income, 1929–1932". 73rd U.S. Congress, 2d session, Senate document no. 124, page 5–7. https://fraser.stlouisfed.org/title/971 Archived 2018-09-14 at the Wayback Machine
  14. ↑ Dickinson, Elizabeth. "GDP: a brief history". Foreign Policy. ForeignPolicy.com. Archived from the original on 28 August 2014. Retrieved 25 April 2012.
  15. ↑ Lepenies, Philipp (April 2016). The Power of a Single Number: A Political History of GDP. Columbia University Press. ISBN 978-0-231-54143-5. Archived from the original on 2017-10-20. Retrieved 2017-10-09.
  16. ↑ "No, most Americans don't think the stock market is the best economic indicator". YouGov. 2020. Retrieved 2026-07-05.
  17. ↑ Coyle, Diane (2014). GDP: A Brief but Affectionate History. Princeton University Press. p. 6. ISBN 978-0-691-15679-8.
  18. ↑ Heijster, Joan van; DeRock, Daniel (29 October 2020). "How GDP spread to China: the experimental diffusion of macroeconomic measurement". Review of International Political Economy. 29: 65–87. doi:10.1080/09692290.2020.1835690. ISSN 0969-2290.
  19. ↑ "GDP – Final Output". Statistical Manual. World Bank. Archived from the original on 16 April 2010, retrieved October 2009.
    "User's guide: Background information on GDP and GDP deflator". HM Treasury. Archived from the original on 2 March 2009.
    "Measuring the Economy: A Primer on GDP and the National Income and Product Accounts" (PDF). Bureau of Economic Analysis. Archived (PDF) from the original on 2008-09-16.
  20. ↑ United States Bureau of Economic Analysis, "A guide to the National Income and Product Accounts of the United States" (PDF). Archived (PDF) from the original on 2007-06-04., page 5; retrieved November 2009. Another term, "business current transfer payments", may be added. Also, the document indicates that the capital consumption adjustment (CCAdj) and the inventory valuation adjustment (IVA) are applied to the proprietor's income and corporate profits terms; and CCAdj is applied to rental income.
  21. ↑ Thayer Watkins, San José State University Department of Economics, "Gross Domestic Product from the Transactions Table for an Economy" Archived 2012-08-25 at the Wayback Machine, commentary to the first table, " Transactions Table for an Economy". (Page retrieved November 2009.)
  22. ↑ Concepts and Methods of the United States National Income and Product Accounts, chap. 2.
  23. ↑ "gross domestic product – Scholars". Britannica Kids. Encyclopedia Britannica. Archived from the original on 2023-02-23. Retrieved 2023-02-23.
  24. ↑ HM Treasury, Background information on GDP and GDP deflator
    Some of the complications involved in comparing national accounts from different years are explained in this World Bank document Archived 16 June 2010 at the Wayback Machine.
  25. ↑ "National Accounts". Central Bureau of Statistics. Archived from the original on 16 April 2011. Retrieved 29 June 2011.
  26. 1 2 Martínez, Luis R. (October 2022). "How Much Should We Trust the Dictator's GDP Growth Estimates?". Journal of Political Economy. 130 (10): 2731–2769. doi:10.1086/720458. SSRN 3093296.
  27. ↑ "A study of lights at night suggests dictators lie about economic growth". The Economist. Sep 29, 2022. ISSN 0013-0613. Retrieved 2022-10-25.{{cite news}}: CS1 maint: deprecated archival service (link)
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  29. ↑
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  33. ↑ "Japan GNI 1962-2025". MacroTrends. Retrieved 9 December 2024.
  34. ↑ "Armenia GDP 1990-2025". MacroTrends. Retrieved 9 December 2024.
  35. ↑ "Armenia GNI 1992-2025". MacroTrends. Retrieved 9 December 2024.
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  55. 1 2 Brynjolfsson, Erik; Collis, Avinash; Diewert, W. Erwin; Eggers, Felix; Fox, Kevin J. (2025). "GDP-B: Accounting for the Value of New and Free Goods". American Economic Journal: Macroeconomics. 17 (4): 312–344. doi:10.1257/mac.20210319. hdl:1959.4/106081. ISSN 1945-7707.
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  57. ↑ Brynjolfsson, Erik; Collis, Avinash (2019-11-01). "How Should We Measure the Digital Economy?". Harvard Business Review. ISSN 0017-8012. Retrieved 2024-01-21.
  58. ↑ Brynjolfsson, Erik; Collis, Avinash; Diewert, W. Erwin; Eggers, Felix; Fox, Kevin (2019). GDP-B: Accounting for the Value of New and Free Goods in the Digital Economy (Report). doi:10.3386/w25695.
  59. ↑ Ashraf, Quamrul H.; Lester, Ashley; Weil, David N. (2009). "When Does Improving Health Raise GDP?". NBER Macroeconomics Annual. 23: 157–204. doi:10.1086/593084. ISSN 0889-3365. PMC 3860117. PMID 24347816.
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[edit source]
  • Australian Bureau for Statistics, Australian National Accounts: Concepts, Sources and Methods (Archived 2008-08-17 at the Wayback Machine), 2000. Retrieved November 2009. In depth explanations of how GDP and other national account items are determined.
  • Coyle, Diane (2014). GDP: A Brief but Affectionate History. Princeton, NJ: Princeton University Press. ISBN 978-0-691-15679-8.
  • Jerven, Morten (2013). Poor Numbers: How We Are Misled by African Development Statistics and What to Do about It. Cornell University Press.
  • Lepenies, Philipp. The Power of a Single Number: A Political History of GDP.
  • Philipsen, Dirk. The Little Big Number: How GDP Came to Rule the World and What to Do About It.
  • Joseph E. Stiglitz, "Measuring What Matters: Obsession with one financial figure, GDP, has worsened people's health, happiness and the environment, and economists want to replace it", Scientific American, vol. 323, no. 2 (August 2020), pp. 24–31.
  • Susskind, Daniel (2024). Growth: A History and a Reckoning. Belknap Press: An Imprint of Harvard University Press. ISBN 978-0674294493.{{cite book}}: CS1 maint: publisher location (link)
  • Concepts and Methods of the United States National Income and Product Accounts (PDF). United States Department of Commerce, Bureau of Economic Analysis. Archived from the original (PDF) on 8 November 2017. Retrieved 9 March 2018. In-depth explanations of how GDP and other national account items are determined.
[edit source]

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