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The detailed prices used to compute PPPs are based on data published by the World Bank as part of the International Comparison Program (ICP). An empirical finding documented extensively by PWT is the Penn effect , the finding that real GDP is substantially understated when using exchange rates instead of PPPs in comparing GDP across countries.
Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
Real GDP can be used to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change. The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate.
In this example of a traditional IS–LM chart, the IS curve moves to the right, causing higher interest rates (i) and expansion in the "real" economy (real GDP, or Y). The IS–LM model, invented by John Hicks in 1936, gives the underpinnings of aggregate demand (itself discussed below). It answers the question "At any given price level, what ...
For oil-export-dependent economies, there could be substantial differences between real GDP and real GDI, due the effect of oil price volatility on the purchasing power in those countries. [1] [2] In the United States National Income and product accounts, the word GDI is use to define GDP calculated with income data rather than expenditure data ...
This is a list of countries by real GDP per capita growth rate. These numbers are corrected for inflation but not for purchasing power parity . [ 2 ] This list is not to be confused with gross national income per capita growth [ 3 ] or the real GDP growth .
Gross regional domestic product (GRDP), gross domestic product of region (GDPR), or gross state product (GSP) is a statistic that measures the size of a region's economy.It is the aggregate of gross value added (GVA) of all resident producer units in the region, and analogous to national gross domestic product.
This is an alphabetical list of countries by past and projected Gross Domestic Product, based on the Purchasing Power Parity (PPP) methodology, not on market exchange rates.