It is called GNI(GROSS NATIONAL INCOME)
GDP (PPP) 2006 estimate - Total $1.149 trillion (12th) - Per capita $11,249 (63rd) GDP (nominal) 2006 estimate - Total $840.012 billion (short scale) (14th) - Per capita $8,066 (55th)
It is measured by Real GDP, the reason is because you cant just say GDP. GDP consists of nominal and real GDP, nominal GDP does not include prices at different constants in other words it just uses one base price for all the different times, whereas real GDP consists of varying price levels at different times. Real GDP
economists prefer to compare real gdp figures for different years instead of comparing nominal gdp figures. why?
The main difference is that Real GDP accounts for inflation and is calculated using Nominal GDP. It is useful when trying to compare GDPs froms different times.
It is called GNI(GROSS NATIONAL INCOME)
GDP (PPP) 2006 estimate - Total $1.149 trillion (12th) - Per capita $11,249 (63rd) GDP (nominal) 2006 estimate - Total $840.012 billion (short scale) (14th) - Per capita $8,066 (55th)
$2,600 in 2010
It is measured by Real GDP, the reason is because you cant just say GDP. GDP consists of nominal and real GDP, nominal GDP does not include prices at different constants in other words it just uses one base price for all the different times, whereas real GDP consists of varying price levels at different times. Real GDP
Strabane - GNI - railway station ended in 1965.
Strabane - GNI - railway station was created in 1847.
economists prefer to compare real gdp figures for different years instead of comparing nominal gdp figures. why?
TRIAD is a cluster of countries which account for over 50% of the world GDP (Gross Domestic Product) while only accounting for 8% of the world's population. The GNI (Gross National Income) of the TRIAD countries is about 48% of the world's GNI. The TRIAD countries include the NAFTA, the European Union and the industrialized Eastern Asia (Japan, Taiwan, South Korea, Hong Kong, Singapore).
- data is not very timely- it is only released quarterly - Revisions can change historical figures measurably (the difference between 3% and 3.5% GDP growth is a big one in terms of monetary policy)
The main difference is that Real GDP accounts for inflation and is calculated using Nominal GDP. It is useful when trying to compare GDPs froms different times.
80.1 years
GNI PPP is gross national income converted to international dollars using purchasing power parity rates.