Gross Domestic Product ( Gdp ) Economic Statistics

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Gross Domestic Product (GDP) economic statistics are one of the most closely watched stats throughout each country. In the charts listed above, the nominal GDP is greater than real GDP in each quarter of 2016 due to the nominal GDP reflecting current GDP at current price and real GDP reflecting current GDP at past year prices. Also, the chart reflects that the nominal GDP was greater than the real GDP for each quarter of 2016 due to the value of the nominal GDP sub-categories (personal consumption expenditures, gross private domestic investments, and government consumption expenditures and gross investment) all being significantly higher than the same sub-categories listed under the real GDP. The nominal GDP reflects the prices that are…show more content…
Some differences between the two products are services or the market of goods that are produced for that respective country’s economy. However, the GNP does not include the annual foreign production that is inherited by the domestic citizens, whereas the GDP does include the foreign productions that are inherited by its domestic citizens. According to the table above, to determine the GNP and GDP you will calculate the national product total from the national and personal income. National income is the overall annual value of goods and services within a respective country economy. The chart shows that in 2016, the GNP was $7,864.80 higher than the national income. National income is broken down into ten categories (compensation of employees, rents, interest, proprietor’s income, corporate income taxes, dividends, undistributed corporate profits, indirect business taxes, consumption of fixed capital and net foreign factor income). However, the employee compensation makes up the largest portion of the national income. In my opinion, I believe this to be true, because the economy is valued by its population and the services that are provided and goods that are sold. This can’t happen without having citizens gainfully employed, which in return will need to be compensated for the work they are contributing to their economy. Part III. GDP in Different Countries Country Name Country Code Series Name Series Code 2015
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