What is product gross domestic
GDP- World's most powerful statistical indicator of national development and progress 85 76 54 92 41 85 180% 33% 249 290 41%, (61%
6 0 an 4 12 NITED STA Er Nominal GDP estimates are commonly used to find out how the economy of a whole country or region is performing and to make international comparison:s
OECD Defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production
per capita GDP
History of GDP
William Petty Between 1652 and 1674 Came up with a basic concept of GDP to attack landlords against unfair taxations during warfare between the Dutch and the English.
Charles Davenant Developed the method further in 1695.
How to determine GDP?
Production Approach Income Approach Income Approach
National Standards International Standards 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 The international standard for measuring GDP is contained in the book System of National Accounts (1993), which was prepared by representatives of the International Monetary Fund, European Union, OECD, United Nations and World Bank G D