What is GDP based on?

GDP refers to 'gross domestic product'. Gross domestic product has been used to measure economic growth since 1937. But new tools are needed to measure the wellbeing of countries and their people, experts argue. GDP is based on the total value of all goods and services produced in a country.

Does GDP measure economic success?

GDP increases when a country has a positive trade balance or surplus. However, GDP decreases when a country spends more money importing goods and products than it makes exporting goods and products, which leads to a trade deficit. There have been conflicting studies on whether or not GDP actually measures economic success.

What is per-capita GDP?

Per-capita GDP is often analyzed alongside more traditional measures of GDP. Economists use this metric for insight into their own country’s domestic productivity and the productivity of other countries. Per-capita GDP considers both a country’s GDP and its population.

Who publishes GDP data?

In addition, international organizations such as the World Bank and the International Monetary Fund (IMF) periodically publish and maintain historical GDP data for many countries. In the United States, GDP data are published quarterly by the Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce.