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West Africa's GDP is measured by calculating the total value of all goods and services produced within the region over a specific period, typically a year. This can be done using three main approaches: the production approach, which sums the output of various economic sectors; the income approach, which totals incomes earned by individuals and businesses; and the expenditure approach, which adds up consumption, investment, government spending, and net exports. Additionally, GDP can be expressed in nominal terms or adjusted for inflation through real GDP. Data is often collected and reported by national statistical offices and international organizations, such as the World Bank and the International Monetary Fund (IMF).
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GDP that is measured in unchanging prices is called?
Real GDP.
What is the Nigerian rank in economic list of Africa?
Nigeria ranks 3rd in African's GDP and 37th in the world GDP. The highest economy and GDP in West Africa. http://en.wikipedia.org/wiki/List_of_African_countries_by_GDP_PPP Also Nigeria is one of the fastest growing economy in the world. http://en.wikipedia.org/wiki/Nigeria http://en.wikipedia.org/wiki/Regional_power
What is South Africa's GDP?
South Africa has a GDP of $408.2 billion(2011) US dollars according to the world bank.
Is a nations standard of living measured by GDP or real GDP?
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
What does the per capita GDP measure?
The Per Capita is measured by the average income. Each year it is measured.
What is the income of South Africa?
South Africa's GDP (purchasing power parity) was $495.1 billion in 2009, for a per capita GDP of $10,100.00 in 2009. (CIA).
What is the GDP?
GDP - Gross Domestic Product GDP is a measure of the wealth of a country. It is worked out by dividing the total of the money by what a country gains from the production of goods and services by it's population. GDP is measured in US Dollars - $
When the GDP is measured using adjustments for price changes it is known what?
Real Gross Domestic Product also known as Nominal GDP.
Is Algeria the richest country in Africa?
Algeria is not the richest country in Africa; it is, however, one of the continent's wealthier nations due to its significant natural gas and oil reserves. The wealth of African countries can be measured in various ways, including GDP, natural resources, and per capita income. Nigeria, for instance, has a larger GDP, making it the largest economy in Africa. Overall, while Algeria has considerable resources, it is not the richest when considering all metrics.
What is a period of economic growth as measured by a rise in real GDP called?
An expansion
What are the advantages to using GDP?
The advantages of using GDP include the measurement of total domestic consumption. Total domestic investment expenditures and net exports are also clearly measured with the use of GDP.
Which country is currently the richest in the world?
Measured by GDP (gross domestic product), in 2008, Luxembourg was the richest country in the world, with a GDP of around $80,000. Qatar was the second richest with a GDP of $75,000.
