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Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
Gross domestic product ( GDP) is a monetary measure of the market value [ 2] of all the final goods and services produced and rendered in a specific time period by a country [ 3] or countries. [ 4][ 5][ 6] GDP is often used to measure the economic health of a country or region. [ 3] Definitions of GDP are maintained by several national and ...
A country's gross domestic product (GDP) at purchasing power parity (PPP) per capita is the PPP value of all final goods and services produced within an economy in a given year, divided by the average (or mid-year) population for the same year. This is similar to nominal GDP per capita but adjusted for the cost of living in each country.
On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition are included in the list in cases in which they appear in the sources. These economies are not ranked in the charts ...
GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing the domestic market of a state because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates, which may distort the real differences in per capita ...
On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. [ 5 ] The rankings of national economies over time have changed considerably; the United States surpassed the British Empire 's output around 1916, [ 6 ] which in turn had surpassed the Qing dynasty in aggregate output decades earlier.
GDP/person is also known as GDP per capita or per capita GDP. This term is a simple definition of economic productivity as well as individual standard of living.. The real change in total GDP is defined as the change in population plus the real change in GDP/capita.
The annual GDP per capita growth in % according to the World Bank is shown for last available year: [ 1] Country. GDP per capita. growth (annual %) Year. Afghanistan. -8.6. 2022. Albania.