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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 more often used by the government of a single country to measure its economic health. [3] Due to its complex and subjective nature, this ...
GDP per capita is often considered an indicator of a country's standard of living; however, this is inaccurate because GDP per capita is not a measure of personal income. Comparisons of national income are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries.
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.
Lists of countries by GDP per capita. Lists of countries by GDP per capita list the countries or territories in the world by their gross domestic product (GDP) per capita. The lists may be based on nominal or purchasing power parity GDP. Gross national income (GNI) per capita accounts for inflows and outflows of foreign capital.
GDP is the mean (average) wealth rather than median (middle-point) wealth. Countries with a skewed income distribution may have a relatively high per-capita GDP while the majority of its citizens have a relatively low level of income, due to concentration of wealth in the hands of a small fraction of the population. See Gini coefficient.
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.
The GDP per person data are adjusted for inflation, hence they are "real". GDP per person (more commonly called "per capita" GDP) is the GDP of the entire country divided by the number of people in the country; GDP per person is conceptually analogous to "average income".
GDP per person, also known as GDP per capita is a simple definition of individual economic productivity as well as a rough proxy for average living standards, for individual prosperity. [3] If a nation can focus on increasing the productivity of its citizens , that improvement in economic output will help increase its GDP.