gdp per capita calculator
Calculating real GDP per capita Example: The United States had $18 trillion in gross domestic product in a certain year. Income per capita is … Gross domestic product per capita is a measurement used to determine a country's economic output in relation to how many people live in the country. That’s why it drags the concept of standard of living too. • GDP Per capita indicator, tends to tell whether a country’s workforce is less productive or more that is if they are efficiently producing goods or services they desire to consume. Most Recent Year. According to IMF World Economic Outlook, USA scored 17,968 billion dollars in the year 2015 and came world’s one of the largest economy. However, inflation can cause the dollar amount of GDP and GDP per capita to increase and thus distort real growth figures. Most Recent Value. For foreign countries, use the World Bank's data (See Resources) and click on the appropriate country to find the GPD. For quality of life, non-material aspects are important such as relationships, emotions, freedom, and satisfaction, but to measure objectively it’s difficult to do. You can also find GDP information on financial websites. The Census Bureau estimated the population was 319 million, so you have $16.768 trillion divided by 319 million, or a per capita GDP of $52,564. This makes for the best and most efficient way to compare the GDP of countries with various population sizes. The more a person enjoys higher income, the more he or she will be able to feed his children, educate them in better way, live in secure homes and in general be happier. Well, yes. For example, the GDP for the United States in 2014 was $16.768 trillion. Gross Domestic Product (GDP) per capita shows a country's GDP divided by its total population. GDP Per Capita Calculator Enter the total GDP (US $) and the total population of any country into the calculator. Per capita GDP = Gross Domestic Product / Population. It has marked a significant effect to the worldwide. To figure real GDP, add the inflation rate for the past year to 1 and divide the result into the gross domestic product for the current year. For example, the United States' GDP in the fourth quarter of 2009 was $14,453,800,000,000. Additionally, there were 250 million people living in the country in that year. US GDP in 2014 is 17.35 trillion dollars, now that US should spread her national income among her population which is 319 million people. Formula to calculate GDP per capita. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Divide the GDP by the population. The per Capita GDP is especially useful when we want to compare one country to another one because it shows the relative performances of the nations. Country . He has written for Bureau of National Affairs, Inc and various websites. How to Calculate GDP Per Capita. Solution: Nominal GDP of the country is calculated using the formula given below Nominal GDP = Private Consumption + Gross Investment + Government Investment + (Exports – Imports) 1. Online tool for visualization and analysis. Gross domestic product is the amount of goods and services produced inside a country. • Per capita sets a goal or target for a country, to improve their performance in more efficient ways. Tweet. Email. The gross domestic product per capital is the average amount an individual contributed toward the gross domestic product. How Do I Recalculate a Workbook in Excel? Reddit. GDP is typically figured for periods such as one year or one quarter. Pinterest. The great invention of 20th century GDP that stands for Gross Domestic Product. Changes over time can be well illustrated by percent change. So, the formula for GDP Per Capita is Total GDP / Total Population If we are looking at a particular point in one country, we can use Nominal GDP which means that the nominal GDP is measured in current $. According to the CIA, World Fact Book 2014, is 17.35 trillion dollars. The pieces of cake everyone get in their plates, is the per capita, the more bigger are the pieces, indicates the larger size of a cake and this larger size of cake shows the efficient and more productivity. GDP per capita is gross domestic product divided by midyear population. Here lastly, we sum up our concept from this example that Per Capita GDP, is an average GDP that per person with in the boundary of the country have produced goods and services in single year which also refers to be an actual growth.
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