GDP
National economic measure
GDP stands for gross domestic product, the total monetary value of all goods and services produced within a country's borders during a specific period, usually a year or quarter.
It's the most widely used measure of a nation's economic output and health: GDP growth slowed to 2% last quarter.
Per capita GDP divides this figure by population to compare living standards across countries.
In designation only
- realTruly existing, not fake
- grossTotal before subtractions
- domesticOf the home
- productManufactured item for sale
aggregate · output · indicator · macroeconomics · national income · market value · economic output · per capita
Ordered position assignment
- per capitaFor each individual
- world economyInternational financial system overall
- BRICEmerging market acronym
- emerging marketsRapidly growing economies
developing countries · G7 · G20 · OECD · regional · economic power · competitiveness · convergence
Money governments owe creditors
- public debtState's accumulated financial obligations
- debt ratioLiabilities relative to assets
- debt burdenTotal owed obligations weighing down
- fiscal deficitSpending exceeds revenue
budget deficit · debt ceiling · debt crisis · debt service · external debt · debt restructuring · national debt · deficit spending
Transition to factory-based economy
- urbanizationPopulation shift toward cities
- infrastructureBasic physical systems
- productivityOutput relative to input
- modernizationAdoption of current methods
human development · HDI · living standards · poverty reduction · economic development · investment · advancement
Cultivation of land, livestock
- manufacturingIndustrial product creation
- servicesActs performed for others
- industryEconomic production sector
- constructionProcess of building something
mining · retail · finance · technology · tourism · healthcare · energy · primary
Increase in scope
- contractionReduction in size
- recessionProlonged economic decline
- recoveryRegaining what was lost
- boomLoud deep sound
stagnation · slowdown · acceleration · percentage · year-over-year · forecast · projection · trend
Goods sold abroad
- importsGoods brought in
- trade balanceExport-import surplus or deficit
- trade deficitImports exceed exports financially
- trade surplusExports outpacing imports
current account · balance of payments · net exports · openness · foreign investment · FDI · capital flows · remittances
nominal
In designation only
product · aggregate · output · indicator · macroeconomics · national income · market value · economic output · per capita · PPP
ranking
Ordered position assignment
- per capitaFor each individual
- world economyInternational financial system overall
- BRICEmerging market acronym
emerging markets · developing countries · G7 · G20 · OECD · regional · economic power · competitiveness · convergence · divergence
sovereign debt
Money governments owe creditors
- public debtState's accumulated financial obligations
- debt ratioLiabilities relative to assets
- debt burdenTotal owed obligations weighing down
fiscal deficit · budget deficit · debt ceiling · debt crisis · debt service · external debt · debt restructuring · national debt · deficit spending · fiscal policy
industrialization
Transition to factory-based economy
- urbanizationPopulation shift toward cities
- infrastructureBasic physical systems
- productivityOutput relative to input
modernization · human development · HDI · living standards · poverty reduction · economic development · investment · advancement
agriculture
Cultivation of land, livestock
- manufacturingIndustrial product creation
- servicesActs performed for others
- industryEconomic production sector
construction · mining · retail · finance · technology · tourism · healthcare · energy · primary · secondary
expansion
Increase in scope
- contractionReduction in size
- recessionProlonged economic decline
- recoveryRegaining what was lost
boom · stagnation · slowdown · acceleration · percentage · year-over-year · forecast · projection · trend · trajectory
exports
Goods sold abroad
- importsGoods brought in
- trade balanceExport-import surplus or deficit
- trade deficitImports exceed exports financially
trade surplus · current account · balance of payments · net exports · openness · foreign investment · FDI · capital flows · remittances
- country factspopulation, capital city, area, capitals, language
- economic historystock market crash, Industrial Revolution, trade routes, Great Depression, gold standard
- finance termsnet profit, gross profit, budget, credit, debt
- modern economicsrecession, inflation, interest rates, monetary policy, Federal Reserve
- African economicsforeign investment, trade deficit, trade deficits, natural resources, mining sector
- Austrian Economyfinance, services, automotive, engineering, construction
One's own revenue
per capita income · household income · net worth · microeconomics · disposable income
Decline in monetary activity
recession · depression · negative growth · economic decline · economic collapse
- GDP growthOutput increase percentage
- real GDPInflation-corrected national output
- debt-to-GDP ratioBorrowing measured against economic output
- GDP reportsEconomic production measurements
- GDP figuresNational economic production totals
- nominal GDPTotal output in present dollars