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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.
Total GDP can also be broken down into the contribution of each industry or sector of the economy. [10] GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the world's most powerful statistical indicator of national development and progress.
Since World War II, the United States economy has performed significantly better on average under the administration of Democratic presidents than Republican presidents. The reasons for this are debated, and the observation applies to economic variables including job creation, GDP growth, stock market returns, personal income growth, and corporate profits.
In 1957 South Korea had a lower per capita GDP than Ghana, [33] and by 2008 it was 17 times as high as Ghana's. [34] The Japanese economic growth has slackened considerably since the late 1980s. Productivity in the United States grew at an increasing rate throughout the 19th century and was most rapid in the early to middle decades of the 20th ...
The Bureau of Economic Analysis' advance estimate of Q4 U.S. gross domestic product (GDP) showed the economy grew at an annualized pace of 2.9% during the period, faster than consensus forecasts ...
Real GDP per household has typically increased since the year 2000, while real median income per household was below 1999 levels until 2016, indicating a trend of greater income inequality (i.e., the average is more influenced by high income outliers than the median).
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.8% during the period, below the 2.9% growth ...
The US economy grew at a faster-than-expected pace in the second quarter. The Bureau of Economic Analysis's advance estimate of second quarter US gross domestic product (GDP) showed the economy ...