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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.
The economy of South Africa is the largest economy in Africa, it is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. [ 30 ] [ 31 ] [ 32 ] The economy is the most industrialised, technologically advanced, and diversified in Africa. [ 33 ]
However, it is increasingly being recognized that tax havens, or corporate tax havens, have distorted economic data which produces artificially high, or inflated, GDP-per-capita figures. [15] It is estimated that over 15% of global jurisdictions are tax havens (see tax haven lists ). [ 16 ]
'Gross' means that depreciation costs are not subtracted.' [1] This indicator also takes account of social transfers in kind 'such as health or education provided for free or at reduced prices by governments and not-for-profit organisations.' [1] The data shown below is published by the OECD and is presented in purchasing power parity (PPP) in ...
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The gross world product (GWP), also known as gross world income (GWI), [1] is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).
"PPP conversion factor is a spatial price deflator and currency converter that eliminates the effects of the differences in price levels between countries." "Typically, higher income countries have higher price levels, while lower income countries have lower price levels (Balassa–Samuelson effect). Market exchange rate-based cross-country ...
Increases in productivity lower the real cost of goods. Over the 20th century, the real price of many goods fell by over 90%. [14] Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation. [15]