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Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
GDP is a measure of both the economic production and income. The Economist reported in August 2014 that real (inflation-adjusted) GDP growth averaged about 1.8 percentage points faster under Democrats, from Truman through Obama's first term, which ended in January 2013. [2]
A 2007 review of progress indicators produced by the European Parliament [19] lists the following pros and cons to using the HPI as a measure of national progress: Pros. considers the actual 'ends' of economic activity in the form of life satisfaction and longevity; combines well-being and environmental aspects
Real GDP can be used to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change. The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate.
The motivation for creating a green GDP originates from the inherent limitations of GDP as an indicator of economic performance and social progress. GDP assesses gross output alone, without identifying the wealth and assets that underlie output. [4] GDP does not account for significant or permanent depletion, or replenishment, of these assets.
In 2020, the real GDP of Tanzania grew by 4.8% reaching US$89.5 billion versus US$82.9 billion in 2019. This growth made it the 2nd largest economy in East Africa after Kenya, and the 7th largest in Sub-Saharan Africa. [28] It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations.
The GDP in the country grew 6.3% in 2015. Their inflation rate was about 1.4%, and the service sector had grown, becoming a large part of GDP. The economy did not generate a large amount of savings, despite the fact that the 6% growth during the economic recovery of the 3rd and 4th quarter was largely driven by consumer spending. [23]
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