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Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). While GDP is the single most important indicator to capture economic activity, it falls short of providing a suitable measure of people's material well-being for which alternative indicators may be more appropriate. This indicator is based on nominal GDP (also called GDP at current prices or GDP in value) and is available in different measures: US dollars and US dollars per capita (current PPPs). All OECD countries compile their data according to the 2008 System of National Accounts (SNA). This indicator is less suited for comparisons over time, as developments are not only caused by real growth, but also by changes in prices and PPPs.
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Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). While GDP is the single most important indicator to capture economic activity, it falls short of providing a suitable measure of people's material well-being for which alternative indicators may be more appropriate. This indicator is based on real GDP (also called GDP at constant prices or GDP in volume), i.e. the developments over time are adjusted for price changes. The numbers are also adjusted for seasonal influences. The indicator is available in different measures: percentage change from the previous quarter, percentage change from the same quarter of the previous year and volume index (2015=100). All OECD countries compile their data according to the 2008 System of National Accounts (SNA).
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Real gross domestic product (GDP) is GDP given in constant prices and refers to the volume level of GDP. Constant price estimates of GDP are obtained by expressing values of all goods and services produced in a given year, expressed in terms of a base period. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is measured in growth rates compared to previous year.
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Nominal gross domestic product (GDP) is GDP given in current prices, without adjustment for inflation. Current price estimates of GDP are obtained by expressing values of all goods and services produced in the current reporting period. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is measured in growth rates compared to previous year.
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Trend gross domestic product (GDP), including long-term baseline projections (up to 2060), in real terms. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is measured in USD at constant prices and Purchasing Power Parities (PPPs) of 2010.
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Gross fixed capital formation (GFCF), also called "investment", is defined as the acquisition of produced assets (including purchases of second-hand assets), including the production of such assets by producers for their own use, minus disposals. The relevant assets relate to assets that are intended for use in the production of other goods and services for a period of more than a year. The term "produced assets" means that only those assets that come into existence as a result of a production process are included. It therefore does not include, for example, the purchase of land and natural resources. This indicator is available in different measures: GFCF at current prices and current PPPs in US dollars, and annual growth rates of GFCF at constant prices, as well as quarterly data for percentage change over previous period and percentage change over same period last year. All OECD countries compile their data according to the 2008 System of National Accounts (SNA). The indicator at current prices and current PPPs is less suited for comparisons over time, as developments are not only caused by real growth, but also by changes in prices and PPPs.
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Total fixed investment, also called gross fixed capital formation (GFCF), in real terms. It is defined as the outlays (purchases and own-account production) of industries, producers of government services and producers of private non-profit services to households, on additions of new durable goods (commodities) to their stocks of fixed assets, less their net sales of similar second-hand and scrapped goods. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is expressed in annual growth rates.
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Investment by sector includes household, corporate and general government. For government this typically means investment in R&D, military weapons systems, transport infrastructure and public buildings such as schools and hospitals. Under the 1993 SNA military expenditures on fixed assets were treated as GFCF only if they could be used for civilian purposes of production (e.g., airfields, docks, roads etc.). The 2008 System of National Accounts (SNA) treats all military expenditures on fixed assets as GFCF regardless of the purpose. This indicator is measured as percentage of total gross fixed capital formation. All OECD countries compile their data according to the 2008 System of National Accounts (SNA).
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Asset types in this indicator include six groups: dwellings (excluding land); other buildings and structures (roads, bridges, airfields, dams, etc.); transport equipment (ships, trains, aircraft, etc.); cultivated biological resources (managed forests, livestock raised for milk production, etc.); and intellectual property products (such as R&D, mineral exploration, software and databases, and literary and artistic originals, etc.). It is also calculated for Information and Communication Technology (ICT) equipment (computer software and databases, telecommunications equipment and computer hardware). Each asset is measured as percentage of total gross fixed capital formation. All OECD countries compile their data according to the 2008 System of National Accounts (SNA).
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Final domestic demand is the sum of final consumption, investment and stock building expenditures by the private and general government sectors in real terms. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is expressed in annual growth rates.
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GDP and spending
Domestic product covers different indicators of national accounts with a focus on Gross Domestic Product (GDP). GDP is the standard measure of the value of final goods and services produced by a country during a period minus the value of imports. While GDP is the single most important indicator to capture these economic activities, it provides only a limited measure of people's material living standards.
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Keywords: GDP, GFCP, investment, Gross domestic product, value added
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