Types of Gross Domestic Product (GDP)
Net domestic product (NDP) is an annual measure of the economic output of a nation that is calculated by subtracting depreciation from gross domestic product (GDP).
Gross Domestic Product (GDP) is the final monetary value of the goods and services produced within the country during a specified period of time, normally a year. In simple terms, GDP is the measure of the country's economic output in a year.
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country's economic health.
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The five main components of the GDP are: (private) consumption, fixed investment, change in inventories, government purchases (i.e. government consumption), and net exports. Traditionally, the U.S. economy's average growth rate has been between 2.5% and 3.0%.
Net domestic product is considered as a key indicator of economic growth of a country. Net domestic product (NDP) is calculated by subtracting the value of depreciation of capital assets of the nation such as machinery, housing and vehicles from the gross domestic product (GDP).
Net Domestic Product (NDP) – Analysis
Net domestic product is sometimes considered a better economic indicator than GDP since the former also reveals the amount of investment spent improving the obsolete equipment to maintain the production level.
GDP per capita is nothing but GDP per person; the country's GDP divided by the total population. ... While the GDP measures only the production and services within a country, GNI also includes net income earned from other countries. Per capital GNI or per capita income is the GNI divided by the population.
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