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Just wondering, what on Earth is GPD? Watch

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    I've heard/seen the term used in a lot of situations/contexts, but what exactly does it mean?
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    Telling us what context you've seen it in would be a start.
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    (Original post by Elm Tree)
    Telling us what context you've seen it in would be a start.
    Sorry, you're right When they're talking about money and stuff.........
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    I'm wondering if you mean GDP?? which is gross domestic product, usually measured per capita. basically shows the level of living standard, etc.
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    (Original post by tohaaaa)
    Sorry, you're right When they're talking about money and stuff.........
    Do you mean GDP?
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    (Original post by MalteseMalteser)
    Do you mean GDP?
    Oh my, yes... That (Thanks)
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    (Original post by tohaaaa)
    Oh my, yes... That (Thanks)
    Then it would mean Gross Domestic Product - the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living.
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    (Original post by tohaaaa)
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    There's this great thing called google.
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    I'm not going to give you the technical definition of GDP, just what it means in basic English.

    Think of it as a way of measuring everything produced in the economy over a given a period of time. The raw data is measured in £s, but the figures you see in the news are often expressed in terms of percent, i.e the economy has grown or contracted by x% over a given period of time.

    You might have seen in the news that in Q4 2012 (Quarter4 2012, i.e. October - December 2012) GDP contracted by 0.3%. This means that on average the economy was 0.3% smaller in the period September - December 2012 than it was in the period July - September 2012). This is bad, obviously. You want the economy to be increasing in size as this means we are producing more stuff, and that on average we are wealthier. Growth of +0.7% in a single quarter is a decent amount of growth for a country like the UK, and what we should be aiming for.

    The other measure you might have seen recently is the annual measure - that the economy grew by 0.2% in 2012. This means that on average the economy was 0.2% bigger in 2012 than it was in 2011. Again this is pretty rubbish, the UK should be hitting around 2-3% growth a year.
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    (Original post by rich2606)
    I'm not going to give you the technical definition of GDP, just what it means in basic English.

    Think of it as a way of measuring everything produced in the economy over a given a period of time. The raw data is measured in £s, but the figures you see in the news are often expressed in terms of percent, i.e the economy has grown or contracted by x% over a given period of time.

    You might have seen in the news that in Q4 2012 (Quarter4 2012, i.e. October - December 2012) GDP contracted by 0.3%. This means that on average the economy was 0.3% smaller in the period September - December 2012 than it was in the period July - September 2012). This is bad, obviously. You want the economy to be increasing in size as this means we are producing more stuff, and that on average we are wealthier. Growth of +0.7% in a single quarter is a decent amount of growth for a country like the UK, and what we should be aiming for.

    The other measure you might have seen recently is the annual measure - that the economy grew by 0.2% in 2012. This means that on average the economy was 0.2% bigger in 2012 than it was in 2011. Again this is pretty rubbish, the UK should be hitting around 2-3% growth a year.
    Wow, thanks That cleared a lot of things up for me :cool::cool::cool::cool::cool:
 
 
 
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