Analysis of Economic Development Indicators (Primarily GDP)

As a part of my Probability and Statistics project, I was asked to compile data related to Gross Domestic Product (GDP) of several countries. All the data is collected from reliable sources.

  1. Gross Domestic Product (GDP) at market prices

GDP at purchaser’s prices 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. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2005 U.S. dollars. Dollar figures for GDP are converted from domestic currencies using 2005 official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Gross Domestic Product for several countries.
GDP at market prices (constant 2005 US$)
GDP Growth (in %YoY)

2. Gross Domestic Product (GDP) per capita
GDP per capita is gross domestic product divided by midyear population. 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. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.

GDP Per Capita (in current US$)
GDP Per Capita (current US$)
GDP Per Capita Growth (in %YoY)

3. Gross National Income (GNI) value
GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in constant 2005 U.S. dollars.

GNI (at constant 2005 US$) for several countries
GNI Values (at constant 2005 US$)
GNI Growth (in %YoY)

4. Goods Exports — Balance of Payments
Goods exports refer to all movable goods (including non-monetary gold and net exports of goods under merchanting) involved in a change of ownership from residents to nonresidents. Data are in current U.S. dollars.

Goods Exports (BoP — current US$)
Goods Exports Net Value (BoP — current US$)
Goods exports growth (in %YoY)

5. Goods Imports— Balance of Payments
Goods imports refer to all movable goods (including non-monetary gold) involved in a change of ownership from nonresidents to residents. Data are in current U.S. dollars.

Goods Imports (BoP — current US$)
Goods Imports Net Value (BoP — current US$)
Goods imports growth (in %YoY)

Conclusion

All the Growth graphs indicate a steep dip in their values during the 2008–10 period. This time period was termed as the Great Recession.

Many factors directly and indirectly caused the Great Recession (which started in 2007 with the US subprime mortgage crisis), with experts and economists placing different weights on particular causes.

Major causes of the initial subprime mortgage crisis and the following recession include: International trade imbalances and tax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst.

References:

  1. World Bank national accounts data
  2. OECD National Accounts data files
  3. International Monetary Fund, Balance of Payments Statistics Yearbook and data files.