Components of GDP

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  • After completing this chapter, students will be able to: Consider why an economy’s total income equals its total expenditure, learn how gross domestic product (GDP) is defined and calculated, see the breakdown of GDP into its four major components, learn the distinction between real GDP and nominal GDP, consider whether GDP is a good measure of economic well-being.

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  • Prices are of great importance in macroeconomics as indeed they are in microeconomics. However, in microeconomics we are more interested in prices of individual goods and services and such prices are rarely important for the economy as a whole although there are exceptions (for example, the price of oil). In macroeconomics we are more interested in how prices change on average. We define the pricelevel as a weighted average of several different prices.

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  • Brazil’s equity market has grown rapidly in terms of both market capitalization and transaction volumes. Total equity market capitalization was about 55 percent of GDP in 2011 with a diversified investor base including individuals, institutional investors, financial institutions, and foreign investors. This growth has been fueled by a combination of strong market performance and a steady increase in the total quantity of shares.

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  • Having discussed robustness, Section IV turns to three extensions of our baseline results. First, we check whether the baseline results differ depending on whether the fiscal consolidation reflects changes in government spending or changes in revenue. The results suggest that fiscal multipliers were, on average, underestimated for both sides of the fiscal balance, with a slightly larger degree of underestimation associated with changes in government spending. Second, we examine forecast errors for the unemployment rate and for the components of GDP.

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  • Following a period of sluggish growth, the Euro Area is showing signs of recovery and this is reflected in the GDP growth forecasts for 2006 and 2007. Growth in the final quarter of 2005 was weak at only 0.3 per cent, but we are forecasting a recovery to a stronger rate of 0.7 per cent in the first quarter of 2006. We expect this performance to be maintained through 2006 and so we forecast GDP growth of 2.2 per cent for this year. For 2007, we forecast a slightly slower rate of GDP growth, 2 per cent. The forecast also...

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  • Chapter 10 Measuring a Nation's income has objectives: How gross domestic product (GDP) is defined and calculated, the breakdown of GDP into its four major components, the distinction between real GDP and nominal GDP, whether GDP is a good measure of economic well-being.

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  • Chapter 14 introduce to the bank of Canada and monetary policy. In this chapter you will learn: The main functions of the bank of Canada, how the Bank of Canada can expand or contract the money supply, the components of money demand, how the equilibrium interest rate is determined in the money market, the mechanism by which the interest rate affects GDP.

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  • Our October 2012 box generated many comments, criticisms, and suggestions. In this paper, we restate our methodology, revisit our results, examine their robustness, and consider a number of extensions. Section II presents our estimation approach and reports our baseline results. Our forecast data come from the spring 2010 IMF World Economic Outlook (IMF, 2010c), which includes forecasts of growth and fiscal consolidation—measured by the change in the structural fiscal balance—for 26 European economies.

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  • Keeping these trade-offs in mind, we employ the method employed by Ciccarelli and Mojon (2010) to construct a measure of global inflation. We extract the first principal component of the quarter-on-quarter growth rate in seasonally adjusted real GDP across a sample of 46 economies. 2 This methodology requires a balanced panel, which restricts the sample to the period from the first quarter of 1998 to the last quarter for which data are available for all economies, the third quarter of 2010.

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  • Despite the deterioration of the economic situation in 2012, fiscal deficits are still expected to fall to 3½% of GDP in the EU and 3¼% in the euro area on the back of consolidation plans implemented in the course of the year. The available information from budgets for 2013 points to continued, though somewhat slower, consolidation with headline deficits projected at 3¼% of GDP in the EU and 2½% in the euro area. A moderate decrease in the pace of fiscal consolidation is also reflected in the structural improvements of the budget balance, which in the EU is...

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  • The central thesis of Fundamental Indexing is that weighting the components of an index by their “economic footprint” allows the portfolio to avoid some of the deficiencies of a capitalization weighted index, such as over-weighting of overvalued stocks and under- weighting of undervalued stocks.

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  • The rare 6-deoxysugard-rhamnose is a component of bacterial cell sur-face glycans, including the d-rhamnose homopolymer produced by Pseu-domonas aeruginosa, called A-band O polysaccharide. GDP-d-rhamnose synthesis from GDP-d-mannose is catalyzed by two enzymes. The first is a GDP-d-mannose-4,6-dehydratase (GMD). The second enzyme, RMD, reduces the GMD product (GDP-6-deoxy-d-lyxo-hexos-4-ulose) to GDP-d-rhamnose.

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  • 2006, the value of agricultural production contributes 25% of national GDP, which feed production constitute 77% and 23% for livestock production. enhance livestock produce up to 30% of total output from agriculture is one of the important components economic development plan - the Government's social. The Government of Vietnam committed to promoting growth and poverty reduction.

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  • The importance of fisheries in a country cannot only be measured by the contribution to the GDP, but one must also take into consideration that fisheries resources and products are fundamental components of human feeding and employment. Another aspect that makes fisheries resources important is the self renewable character. Unlike mineral resources, if the fishery resources or any other biological resources are well managed, their duration is pratically unlimited.

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  • Domestic demand has made negative contributions to GDP growth for more than a year and is likely to do so also in the second half of 2012 and well into the first half of 2013. This leaves net exports, which are set to benefit from a gradual recovery of global demand, as the only positive contributor to GDP growth in the EU for some more quarters to come. Private consumption, by far the largest component of domestic demand, is expected to stagnate in the EU and to decrease in the euro area in 2013, as real...

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  • In this section, we focus on the relationship between total bank credit to non-bank borrowers and the international components of bank credit in emerging economies (see Annex 1 for sample of 31). We find that, in the years before the recent global financial crisis, a rising share of international credit was positively related to a rising ratio of bank credit to GDP.8 In other words, the evidence systematically implicates international credit in credit booms.

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  • Next we examine the relative macroeconomic performance across our sample. As discussed, we extract the first principal component of real GDP growth, which explains 39% of the total variation in growth rates across our sample of 46 economies. Figure 2 graphs the first principal component of global GDP growth, normalised to have a mean of zero and a standard deviation of one. The figure shows the magnitude and timing of the global business cycle from 1998 to 2010.

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  • The ability of this first principal component to explain the macroeconomic performance of the economies varies considerably across the sample. To see this diversity, we can look at the factor loadings on the first principal component and the percentage of variation in GDP growth rates that are explained by the first principal component. The factor loadings, normalised to have a mean of 1.0, are given in Figure 3. Industrial economies are shown with darker bars, and emerging market economies with lighter bars.

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  • Briefly, we construct a measure of relative macroeconomic performance by first identifying the global business cycle using a simple factor model. We calculate seasonally adjusted quarter-over-quarter real GDP growth rates and extract the first principal component across the 46 economies in our sample. This single factor explains around 40 per cent of the variation in the average economy’s output, but with wide variation across economies. We then use the residuals from the principal component analysis as the measure of an economy’s idiosyncratic performance.

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  • The CGAP measure of relative macroeconomic performance is attractive for a number of reasons. First, it is based on changes in real GDP, a fundamental variable that should be highly correlated with changes in underlying welfare. Second, our measure should not be unduly sensitive to the stage of an economy’s business cycle going into the crisis. An economy that was overheating prior to 2008 would tend to have a positive unexplained component at that point in time, but it is only the unexplained component during the crisis itself that is considered in our analysis.

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