Economy > Gross Domestic Product > GDP > Size of GDP > Gross domestic product: Countries Compared
DEFINITION:
What does gross domestic product mean? "Gross" signifies that no deduction has been made for the depreciation of machinery, buildings and other capital products used in production. "Domestic" means that it is production by the resident institutional units of the country. As many products are used to produce other products it is necessary to define production in terms of value added.GDP can be measured in three different ways: as output less intermediate consumption (i.e. value added) plus taxes less subsidies on products (such as VAT); as the income earned from production by summing employee compensation, the gross operating surplus of enterprises and government, the gross mixed income of unincorporated enterprises and net taxes on production and imports (VAT, payroll tax, import duties, etc, less subsidies); or as the expenditure on the goods and services produced by summing final consumption expenditures, gross fixed capital formation, changes in inventories and exports less imports.
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Interesting observations about Economy > Gross Domestic Product > GDP > Size of GDP > Gross domestic product
- United States ranked first for gross domestic product > GDP > size of GDP > gross domestic product amongst High income OECD countries in 2009.
- Canada ranked last for gross domestic product > GDP > size of GDP > gross domestic product amongst Group of 7 countries (G7) in 2009.
- Germany ranked first for gross domestic product > GDP > size of GDP > gross domestic product amongst European Union in 2009.
- 17 of the bottom 18 countries by gross domestic product > GDP > size of GDP > gross domestic product are European.
- United Kingdom ranked second for gross domestic product > GDP > size of GDP > gross domestic product amongst NATO countries in 2009.
- Japan ranked first for gross domestic product > GDP > size of GDP > gross domestic product amongst Non-religious countries in 2009.
- All of the top 6 countries by gross domestic product > GDP > size of GDP > gross domestic product are Heavily indebted.
- France ranked second for gross domestic product > GDP > size of GDP > gross domestic product amongst Eurozone in 2009.
- 14 of the bottom 17 countries by gross domestic product > GDP > size of GDP > gross domestic product are Cold countries'.
- New Zealand ranked last for gross domestic product > GDP > size of GDP > gross domestic product amongst English speaking countries in 2009.
