GDP Calculator
The GDP (gross domestic product) can be calculated using either the expenditure approach or the resource cost-income approach below. If any clarification on the terminology or inputs is necessary, refer to the information section below the calculators.
Information
What is GDP?
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. It serves as a comprehensive scorecard of a country's economic health.
Expenditure Approach
The expenditure approach calculates GDP by adding up all spending on final goods and services. The formula is: GDP = C + I + G + (X - M), where C is personal consumption, I is gross private investment, G is government spending, X is exports, and M is imports.
Income Approach
The income approach calculates GDP by summing the incomes earned by all factors of production in an economy. This includes wages, profits, rents, and taxes less subsidies.
GDP Per Capita
GDP per capita is a measure of a country's economic output per person. It divides the country's GDP by its total population, providing an approximation of the average economic well-being of individuals in a country.
GDP Growth Rate
The GDP growth rate measures how fast an economy is growing. It compares the GDP between two periods to determine the percentage change in economic output.