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  • Essential Economic Statistics
  • ECO102 Pre-Lecture 01

GDP

• Market value of all final goods and services in a country.
• ECO102
  • Aggregate the supply of different industries.
  • See that output of Primary Industries are inputs into Secondary Industries, etc.
  • Gross Domestic Product:
    • Gross because it accounts for depreciation
  • Net Domestic Product:
    • Doesn't care about depreciation
  • No Home Production
  • Produced in the country.
• $GDP=C+I+G+(X-M)$
  • C = Personal Consumption
  • I = Private Investment
  • G = Government Consumption
  • X = Exports
  • M = Imports
  • (X-M) = Net Exports
• $GDP=NDI+(\text{Indirect Taxes}-\text{Subsidies})+\text{Depreciation}$
  • Net Domestic Income
• You must check the YoY change on the GDP to signify actual growth.
• Nominal GDP
• Real GDP