Products produced during the year under review. The value is expressed in the national unit of the state. GDP statistics of countries around the world allow us to evaluate economic indicators in a particular state and make forecasts for future development.

Real and nominal GDP

The nominal indicator is the final price calculated according to the market, depending on changes in income and price index. Real indicator - to determine the cost of a product, the growth indicator is used, not the price change:

The term “GDP deflator” hides the ratio of the nominal to the real indicator:

The indicator implies the total volume of all state income for the year, divided by the number of residents. It is used to simplify the comparison of the productivity of countries, since GDP per capita serves as a characteristic of economic activity. This is also a kind of “indicator” of the level of a country with a high gross domestic product, we can say that it is favorable and comfortable for living:

Structure of the world's GDP

The development of society affects three stages: pre-industrial, industrial and post-industrial. Each of them is characterized by a certain type of economic structure. The table clearly shows the characteristics of each stage:

Until the 18th–19th centuries, income was also provided by related hunting, fishing and forestry. The agrarian structure at that time covered all existing states (today it is found in the least developed countries). Later, this way of life was replaced by the industrial era. Its main feature is dominance. The second half of the 20th century was marked by scientific and technological revolution with the formation of a post-industrial system - the service sector now prevails over production. Employment structure by industry:

The predominance of agriculture is observed today in Afghanistan, Somalia, Cambodia, Laos, Tanzania and Nepal (over 50%).

The share of the service sector in the GDP of countries around the world is gaining momentum, which means that they are characterized by an interest in knowledge workers. Obviously, the share of expenses on an even greater percentage of predominance is in small states that live by providing financial services and. World GDP statistics for 2000 (share of industries, %):

Data for Russia

During 1990–2016, the direction of economic development in Russia changed significantly. There is a simultaneous increase in mining production and an increase in transactions with and finance. But the volumes of agriculture, forestry, manufacturing and transport enterprises are declining.

Share of military expenditures in countries' GDP

Wikipedia has information on the share of the world's GDP going to military spending in 2016:

Every year, studies are conducted on the basis of which a ranking of the GDP of developed and lagging countries is compiled. The place of countries in the world in terms of GDP is determined by the World Bank, which has undergone many structural changes since its founding. Over the past 20 years it has become a specialized agency of the UN. The GDP of the world's countries is calculated in dollars. Today the undoubted leaders are:

1. USA– the national unit of the state is considered one of the stable currencies of the world and is used as an international one. Thanks to this fact, the figure in question in the United States is so large: 18.12 trillion. dollars. If we consider it in percentage terms, the annual increase in the country's gross domestic product averages 2.2%, or 55 thousand dollars per capita. The main “earning” corporations in the country are Microsoft and Google.
2. China– the second country in the world in terms of economic growth. Today the country's gross product is 11.2 trillion. dollars, increases by 10% annually.
3. Japan– 4.2 trillion. dollars. Today the figure increases annually by 1.5%. Per capita it is 39 thousand dollars.
4. Germany– the gross product of the state is 3.4 trillion. dollars or 46 thousand per capita. The increase for 2016 is 0.4%.
5. Great Britain– 2.8 trillion. dollars.

GDP statistics of the world's leading countries :

GDP statistics in European countries in 2016

Among the EU countries there are also leaders and laggards. According to statistics, the most developed in the EU are:

1. Liechtenstein - GDP per capita is just over 85 thousand.
2. The Netherlands - for each resident there are 42.4 thousand euros.
3. Ireland – 40 thousand euros according to a similar indicator.
4. Austria – 39.7 thousand euros.
5. Sweden - the gross product is 38.9 thousand euros.

Additionally, the following states can be noted:

World GDP forecasts

The GDP of the leading EU countries is assessed by Forex specialists ambiguously: it is possible that it will increase by 1.7%, but there is a possibility of a decrease of 15%. In addition to the increase, there may also be a decrease in the level of GDP of countries around the world. This phenomenon may affect:

1. Venezuela– the estimated projected decrease in gross domestic product by 3.5% is due to the lack of oil, pharmaceuticals and other basic products in the country.
2. Brazil– the prices set for extracted iron ore contribute to a decrease in the gross product by 3%.
3. Greece– the estimated decrease will be 1.8%.
4. Russia– the indicator is expected to decrease by 0.5%, which is due to the imposed sanctions by the EU and the USA. In addition, a decrease in the value under consideration in Russia may be a consequence of a decrease in oil prices. Experts do not rule out an economic recession in the country. A crisis is possible with a probability of up to 65%.

Countries with fast growing GDP 2016

The GDP growth rates of countries around the world are different, however, experts identify 13 of them, which are distinguished by a particular rate of increase.

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I eat cabbage, and the boss eats meat. On average we eat cabbage rolls.

Folk wisdom

The world continues to increase its income. According to forecasts of international organizations, in 2018 the economy will grow by 3.1% (World Bank) or 3.8% (OECD), or even 3.9% (IMF). Does this mean that all countries, their inhabitants and each of us personally are becoming richer? Definitely no: the well-being of representatives of the rich strata increases, but the majority of the poor remain poor. We will try to reveal various aspects of the growth of social inequality and per capita income in the world in 2018.

The increase in billionaire wealth exceeds the growth rate of the global economy

Forbes is a fascinating magazine that we turn to when we want to know the names of the world's richest people and the size of their wealth. His 2018 list features a record number 2208 billionaires from 72 countries and territories. This elite the group owns $9.1 trillion, up 18% from last year, Forbes notes.

So, the increase in the welfare of the richest people on the planet by 2018 was compared to 2017 18% . And according to the IMF forecast, the growth of the world economy in 2018 is 3,9% . Thus, the rate at which billionaires are getting rich exceeds the rate of economic growth in the world, which means that the rest of the economy is growing more slowly than the “hospital average.” .

10 richest and poorest countries in the world

Let's analyze the stratification of the world's countries into rich and poor. We will not consider the total wealth that countries have (because there are very large but very poor countries whose gross domestic product (GDP) is greater than that of very small but rich countries), but the relationship between the wealth of each country and its population, that is GDP per capita.

Based on IMF statistics, we will compile Table 1, from which you can see how the composition and income of the richest and poorest countries in the world have changed over the past 10 years.

Table 1 - The richest and poorest countries in the world

in terms of GDP per capita

The mostrich countries*				The mostpoor countries*	GDP per capita, thousand US dollars
	2007	2017	2018**		2007	2017	2018**
Luxembourg	107	106	120	South Sudan	–	0,228	0,246
Switzerland*	–	81	87	Burundi	0,170	0,312	0,340
Iceland*	–	–	85	Ethiopia	0,249	–	–
Macau SAR	–	77	84	Congo	0,254	–	–
Norway	85	75	83	Eritrea	0,279	–	–
Ireland*	–	71	81	Malawi	0,307	0,324	0,342
Iceland	–	70	–	Niger	0,313	–	–
Qatar	69	61	66	Afghanistan	0,325	–	–
Switzerland	64	–	–	Sierra Leone	0,369	–	–
Ireland	61	–	–	Madagascar	0,379	–	–
Singapore	–	58	–	Central African Republic	–	0,386	0,426
USA	–	59	–	Nepal	0,394	–	–
Denmark	59	56	64	Yemen*	–	–	0,449
Sweden	53	–	–	Mozambique	–	0,429	0,472
Netherlands	51	–	–	Niger*	–	0,440	–
Great Britain	50	–	–	Madagascar*	–	0,448	0,479
USA*	–	–	62	Congo*	–	0,478	0,478
Singapore*	–	–	62	Gambia	–	0,480	0,500
				Sierra Leone*	–	0,491	0,505
				Yemen	–	0,551	–

** – for 2018 the forecast is presented based on actual data for 5 months

If we assume that in each of the countries presented in Table 1 there is one average citizen, whose per capita GDP accounts for the corresponding volume, then we can estimate the average growth rates of population incomes for two groups of countries (the richest and the poorest), as well as the dynamics of these indicators (table 2).

Table 2 - Characteristics of groups of the richest and poorest countries in the world

Per capita income growth in absolute terms (thousands of US dollars) continues in 2018 for both rich and poor countries. But the ratio of average GDP per capita by group of countries (rich to poor), as well as the richest to the poorest country, increased in 2018. It says on the growing income gap between groups in rich and poor countries in 2018 .

What about our income inequality indexes?

Ukraine is modestly represented in the Forbes list in 2018 7 the country's richest billionaires with a total fortune $13.2 billion, about 13% of the country's annual GDP. Let's add to this group of hryvnia millionaires, of whom, according to the State Fiscal Service of Ukraine, by 2018 there were 4,063 people in the country with more than $1 billion in annual income.

As for the income inequality indices calculated by the World Bank, according to the latest study, Ukraine is indeed ahead of the rest. The value of the Ukrainian Gini index (about 25%) and the Palma coefficient (8.2%) is the best in Europe.

This begs a logical question: how is this possible? Experts explain this phenomenon by the high volume of the shadow economy and the low quality of per capita income statistics taken into account when calculating inequality indices. But optimists reassure: not everything is so bad, and we still have a chance to get into the club of countries with the lowest level of social inequality, just... from a different entrance. They say that we have our own unique path of development, and if it doesn’t work out like everyone else, then we will definitely succeed in our own way.

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Quite often the terms “economic growth” and “GDP” pop up in the news. Many people have heard about them, but I think not everyone has a good idea of ​​what it is. Meanwhile, to assess the economic condition of the country, experts use these very indicators - so let's look at this issue in more detail.

Concept of GDP

GDP stands for gross domestic product. In other words, GDP is a measure of the value of services and goods produced by any government . That is, this is absolutely all products that are produced in the country and are expressed in monetary terms. This indicator is usually expressed in US dollars, as it is a stable currency. In English, the name of the term is Gross Domestic Product with the corresponding abbreviation GDP.

Economic growth is closely related to GDP. It represents the growth of gross domestic product both per capita and in absolute terms. The main goal of economic growth is to raise the living standards of society: therefore, when measuring it, not only changes in GDP itself are taken into account, but also population growth. For example, if output increased by 5% per year, but the total population also increased by 5%, then the standard of living for each resident will remain the same.

Absolute GDP growth shows whether economic growth has occurred in a country over a certain time or not. The growth rate is accordingly used to find out whether economic growth has accelerated or slowed down. The same indicators are used per capita when taking GDP divided by population. An increase in the population with a constant GDP leads to a decrease in the standard of living - and vice versa, a decrease in the population while maintaining the volume of GDP allows us to speak of a higher standard of living.

The factors of economic growth include 2 different groups:

1. Factors of intensive growth. These include technological progress, growth in the level of workers, improved resource allocation, improved management of production activities, etc. Intensive growth depends on qualitative changes in production factors and technology modernization.

2. Factors of extensive growth. These include land, capital, labor, and natural resources. Extensive growth occurs due to the use of additional resources: increasing the number of employees, equipping with equipment, etc.

Factors of economic growth are practically never found in their pure form. As statistics from the last 30 years show, in developed industrial countries the contribution of extensive and intensive factors is almost the same, while in other countries economic growth occurs due to extensive factors. This is how nominal GDP was distributed in the world in 2015, according to the International Monetary Fund:

Quite expectedly, Africa has a red-brown color with the lowest GDP, despite the large size of the continent. Little Europe looks better, on par with Latin America. And finally, the map clearly shows two leaders in the form of the United States and the Asian region. Russian GDP (about $1.3 trillion) is at the level of Brazil or Germany and is several times inferior to the United States and China. Even small Japan has an absolute GDP almost four times larger. The chart below shows the comparative values ​​of GDP and market capitalization of various countries at the end of 2016:

Market capitalization is the total value of all securities traded on the market. As we can see, although there is a correlation between GDP and capitalization, for individual countries the indicators may differ markedly. While the United States is comfortably in first place both in terms of GDP and market capitalization, China, which is equally confident in second place in terms of GDP, barely makes it into the TOP 10 in terms of the second indicator. Does this indicate that Chinese assets are undervalued? Time will show…

There is even less correlation between GDP and stock market returns of different countries. According to investment classicist Bernstein, “bad” economies often have good stock markets. This happens because investors demand additional payment for risk (why hold assets of a developing country, if not in order to receive a higher return than in reliable American securities). The speculative component of such expectations can push asset prices up. However, in practice, among the stock markets of developing countries, there are countries with both high and low returns relative to developed markets:

In Russia, with a negative indicator, Vanguard has a question regarding the calculation methodology - before 1995, we did not have a stock market, and in the period 1995-2012, the RTS index in dollars exceeded the return of its American counterpart.

It can be added that a country’s GDP directly affects the popularity of that country’s currency in the world, as well as its position in the world basket of currencies. Thus, China’s successes in recent years have not gone unnoticed - currently the yuan occupies a larger percentage of the world’s currency basket than the yen or pound sterling. Although back in 2010, the yuan was not there at all - which, however, is not very surprising, since the state of the currency basket is revised once every five years (source - IMF annual report 2016). It is also not surprising that the introduction of the yuan came at the expense of a noticeable reduction in the share of the euro, since the Eurozone has been experiencing deflation in recent years, as well as problems with migrants. At the same time, since the last crisis in 2008, America has shown excellent growth in the stock market and maintained rates on its government. bonds in the positive zone - so the weight of the dollar in the currency basket has remained virtually unchanged, still dominating other currencies:

Types of GDP

GDP has several types. The following indicators of economic growth are distinguished:

Nominal GDP includes the value of all goods in the state and is determined by current market prices. It depends on changes in the price index (usually calculated in current year prices). The indicator grows with inflation, falling with deflationary processes.

Real GDP represents the total output produced over a given time. It is measured at base value, that is, at constant prices. It is calculated using the following formula: nominal GDP / general price level = real GDP.

The difference between them is that real GDP is affected only by changes in the volume of goods produced, while nominal GDP is affected by the price of the product itself.

The ratio of nominal GDP to real GDP is called the deflator. If inflation increased by 5% and nominal GDP by 3%, then real GDP will be negative.

Reflects the total value of all the goods of a country that are created by its residents, regardless of their location.

The ratio of GDP to GNP is shown by the following formula:

GNP =GDP + ″Income″

where ″Income″ is income received abroad by residents; however, it does not follow that GNP is always greater than GDP. If GNP is less than GDP, this means that foreigners earn more in a given country than residents of that country earn abroad.

The following factor incomes are distinguished as part of GNP:

salary and bonuses;

income from property (rental income, profit from organizations)

This is GDP divided by the population of a state. Many people think that this is an objective indicator of assessing the standard of living of each citizen of the country - but in fact, GDP per capita is not an indicator of his overall well-being. If a state has a lot of poor people, but there is at least a small number of very rich people, then the country's GDP can be large, although the real difference in the income of its citizens is huge.

In Russia, GDP per capita is $16,735. I think everyone will agree that there are few people in our country who earn that amount per year. In addition, the term “per capita” applies only to able-bodied citizens. And therefore, GDP per person is an even smaller figure.

How is economic growth measured?

The indicators by which economic growth is measured are GNP and GDP. It is traditionally believed that they characterize the standard of living and the dynamics of the well-being of society. However, an increase in any value does not mean that economic growth has occurred: it may be that as a result of the distribution of GNP, the rich will become richer and the poor poorer. So, without additional research, the GNP and GDP indicators are rather arbitrary.

The value of the real national product depends on the population size. For example, India's GNP is 70% greater than Switzerland's GNP. But in terms of share per capita, India is 60 times behind Switzerland. The average standard of living will increase only when production exceeds population growth, inflation is low and the distribution of benefits between different strata of society is more or less equal.

Economic growth can be measured by annual growth rates. This is easy to do: from the value of real GNP of the current year, you need to subtract the value of the previous year. The difference should be compared with the value of GNP for the previous year and the result expressed as a percentage. By constructing such indicators, it is possible to identify trends in economic development; however, research into other factors affecting living standards is less common.

Comparison of GDP of different countries

A country's GDP is usually measured in its currency. But this method will not work if you need to compare the GDP of two or more countries where different currencies are used. In this case, the GDP of each country is converted into US dollars and then compared.

Transfer to dollars is done in two ways:

1. Using exchange rates prevailing on the foreign exchange market.

2. Using exchange rates based on PPP - purchasing power parity. That is, the currency of one state must be converted into the currency of another in order to buy the same amount of goods in each country.

Example from Wikipedia: if the price of a unit of goods in Russia is 30 rubles, and in the USA - 2 dollars, then the dollar to ruble exchange rate should be 15 rubles per dollar. If the exchange rate is 25 rubles per dollar, then by buying goods in Russia (for 30 rubles), selling in the USA (for 2 dollars) and exchanging 2 dollars for 50 rubles at the current rate, on each such transaction you can receive an income of 20 rubles per unit of goods. Accordingly, prices for goods in the United States will decrease, the price of goods in Russia will rise, and the dollar/ruble exchange rate will decrease. As a result, equilibrium will be achieved at a new price level and exchange rate (for example, a product costs 1.7 dollars in the USA, 34 rubles in Russia, the dollar exchange rate is 20 rubles per dollar).

In reality, in developing countries there can be a huge gap between these methods, while in economically developed countries the difference is usually small. Data on countries' GDP is published by the International Monetary Fund (IMF) on its official website, using a method based on purchasing power. This gives an idea of ​​how the world's GDP or the economy of a particular continent is growing.

GDP determines the state's money turnover. Like a private company, the state can incur debt by attracting loans from both its own citizens (for example, through Russia) and foreign individuals and legal entities (for example, through). Almost every country in the world has some form of government debt, which can be expressed relative to that country's GDP. Let's look at one interesting diagram:

The diagram reads like this: the greater a country's debt per capita, the larger the country's area. And the redder the color, the higher the debt to GDP ratio. The biggest debtors: Japan, Ireland, Singapore. America, which has a huge external debt, nevertheless, per capita in relation to GDP has not yet reached the 100% level. In general, a large public debt and the need for its gradual return to maintain the balance of the world economy can become an obstacle to a country's economic growth; however, this difficulty can be offset by effective monetary and economic policies.

Russian GDP

Let's take a closer look at domestic GDP:

At the same time, the dependence of Russian GDP on oil prices is very interesting:

The curves in this case are close to 1 and have remained virtually unchanged over the past 17 years. Thanks to high oil prices in the 2000s, Russian GDP growth turned out to be noticeably higher than the world average and such leading countries as China or the United States - however, after 2010, a multi-year recession began, which ultimately led to negative GDP growth rates:

Raw material dependence is a problem that concerns not only Russia. For example, a similar problem existed in the United Arab Emirates for about 20-25 years, which solved it by developing tourism infrastructure; Norway, also dependent on oil, had a giant stock fund in the fat 2000s, thanks to which its residents can feel confident in times of crisis. In Russia, I don’t see a real desire to solve this problem, confirmed by decisions from above - everything is limited to conversations and observation of oil prices. The video below clearly shows the change in GDP of countries around the world over the past 60 years:

How are GDP and human well-being related?

GDP identifies the overall economic health of a country. It lets you know about the general material condition of the nation, since along with the increase in the level of production, the well-being of the state also grows. But, as mentioned above, GDP does not reflect the social state of a nation; accordingly, it cannot be considered a universal indicator of the well-being of all citizens.

In addition, GDP does not take into account the free time of citizens - but its availability also allows us to judge the standard of living of society. Does not take into account the gross product and improvements in the quality of goods, nor any changes in the consumption and distribution of goods among people.

In addition, GDP does not include some activities that affect people's living standards. These include:

• Non-market operations (car and house repairs, housekeeping, free labor of scientists, etc.).

• Shadow economy (odd jobs).

By all accounts, the shadow economy in Russia is quite developed. It is understood as the provision of services and the production of goods for the population for a fee, which is not officially reflected anywhere - and from the point of view of law, these can be both permitted and prohibited types of activities. The shadow economy makes it very difficult for a country to achieve effective economic growth.

At the same time, GDP takes into account costs that increase its size, but do not lead to an increase in well-being. Among them are the fight against environmental pollution, huge landfills, noise, overpopulation, etc. These are side effects that overestimate the level of material well-being. In this regard, one can cite the statement of one American economist that “garbage is a product of economic life.”

Thus, GDP cannot be called an indicator of the well-being of the population. Behind the formal numbers there is a number of diverse and difficult to take into account sociological data that need to be brought together in some way to get a more complete picture. In addition, economic theory itself and the view of world economic processes are changing - today it is hardly possible to give a more definite answer to the question of the relationship.

P.S. In conclusion, I suggest watching a very good video, available in parts here: http://arzamas.academy/authors/279 . With the permission of the project, for ease of viewing, I merged all three videos into one and post the result below: