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This could be measured by striking a ratio between the monetary value of output produced, and the number of hours worked to produce it (or the number of workers who produce it). This is called a "output/labour ratio". The ratio "GDP per capita" is also used by some as an indicator of how productive a population is.
Rate of unemployment: In 2011, Australia's unemployment rate was 5.1%, which was consistent with a stable labor market. [36] GDP per capita: In 2011, the GDP per capita was approximately USD 62,000, indicating a robust economy. Poverty rate: Various estimates place the poverty rate between 12 and 13 percent. [37]
GDP per capita measures (like aggregate GDP measures) do not account for income distribution (and tend to overstate the average income per capita). For example, South Africa during apartheid ranked high in terms of GDP per capita, but the benefits of this immense wealth and income were not shared equally among its citizens. [ 79 ]
This is a list of countries by nominal GDP per capita. GDP per capita is often considered an indicator of a country's standard of living; [1] [2] however, this is inaccurate because GDP per capita is not a measure of personal income. Measures of personal income include average wage, real income, median income, disposable income and GNI per capita.
The single best gauge of economic success is growth in GDP per capita, not GDP. [1] [2] GDP per capita is an approximate indicator of average living standards, for individual prosperity. [3] Therefore, whether population decline has a positive or negative economic impact on a country's citizens depends on the rate of growth of GDP per capita ...
Typically, employment and the labour force include only work that is done for monetary gain. Hence, a homemaker is neither part of the labour force nor unemployed. Also, full-time students and prisoners are considered to be neither part of the labour force nor unemployed. [70] The number of prisoners can be important.
Per Capita GDP of Yugoslavia and of Eastern bloc economies from 1950 to 1990. Gross and Net Unemployment Rates in Yugoslavia from 1964 to 1972 [ 37 ] In the 1970s, the economy was reorganised according to Edvard Kardelj 's theory of associated labour ( Serbo-Croatian : udruženi rad ), in which the right to decision making and a share in ...
Domestic material consumption per capita has increased by 11 per cent from 2010 to 2017 reaching 12.17 tonnes and domestic material consumption per unit of GDP has not increased between 2010 and 2017 staying at a value of 1.16 kg.