Search for:. Nominal value changes due to shifts in quantity and price. Key Terms nominal : Without adjustment to remove the effects of inflation in contrast to real. Based on the formula. Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation. Trends in the GDP deflator are similar to changes in the Consumer Price Index, which is a different way of measuring inflation.
Key Terms GDP deflator : A measure of the level of prices of all new, domestically produced, final goods and services in an economy. Licenses and Attributions. CC licensed content, Shared previously. List of Partners vendors. The gross domestic product GDP of a nation is an estimate of the total value of all the goods and services it produced during a specific period, usually a quarter or a year. Its greatest use is as a point of comparison: Did the nation's economy grow or contract compared to the previous period measured?
There are two main ways to measure GDP: by measuring spending or by measuring income. And then there's real GDP, which is an adjustment that removes the effects of inflation so that the economy's growth or contraction can be seen clearly. One way of arriving at GDP is to count up all of the money spent by the different groups that participate in the economy. These include consumers, businesses, and government.
All pay for goods and services that contribute to the GDP total. In addition, some of the nation's goods and services are exported for sale overseas. And some of the products and services that are consumed are imports from abroad. The GDP calculation accounts for spending on both exports and imports. The flip side of spending is income. Thus, an estimate of GDP may reflect the total amount of income paid to everyone in the country. This calculation includes all of the factors of production that make up an economy.
All of these make up the national income. This approach is complicated by the need to make adjustments for some items that don't always appear in the raw numbers.
These include:. In this income approach, the GDP of a country is calculated as its national income plus its indirect business taxes and depreciation, plus its net foreign factor income. Since GDP measures an economy's output, it is subject to inflationary pressure. Over a period of time, prices typically go up, and this will be reflected in GDP.
In all cases, the product's final "sales receipt" will be added to the total GDP figure. In contrast, "Net" doesn't account for products used to replace an asset in order to offset depreciation. Domestic GDP "Domestic" in "Gross Domestic Product" indicates that the inclusion criterion is geographical: goods and services counted are those produced within the country's border , regardless of the nationality of the producer.
National GNP In contrast, "National" in "Gross National Product" indicates that the inclusion criterion is based on citizenship nationality : goods and services are counted when produced by a national of the country, regardless of where the production physically takes place. It allows us to determine whether the value of output has changed because more is being produced or simply because prices have increased.
Airline passengers of domestically owned airlines Definition: Air passengers carried include both domestic and international aircraft passengers of air carriers registered in the country.
Railroad lines, total length in km Definition: Rail lines are the length of railway route available for train service, irrespective of the number of parallel tracks. Volume of goods transported by railways Definition: Goods transported by railway are the volume of goods transported by railway, measured in metric tons times kilometers traveled.
Railway passengers Definition: Passengers carried by railway are the number of passengers transported by rail times kilometers traveled.
Number of foot containers passing through the ports Definition: Port container traffic measures the flow of containers from land to sea transport modes. Data refer to coastal shipping as well as international journeys. Transshipment traffic is counted as two lifts at the intermediate port once to off-load and again as an outbound lift and includes empty units. New passenger car sales, numbers per year Definition: The indicator estimates the number of new passenger car registrations and sales that took place within a country in a year.
Passenger cars are road motor vehicles, other than a motor cycle, intended for the carriage of passengers and designed to seat no more than nine persons including the driver. New commercial vehicle sales, numbers per year Definition: The indicator estimates the number of new commercial vehicle registrations and sales that took place within a country in a year. Commercial vehicles include light commercial vehicles, heavy trucks, coaches and buses except for some countries in which the buses or heavy trucks data are not available.
It represents an assessment of the quality of roads in a given country based on data from the WEF Executive Opinion Survey, a long-running and extensive survey tapping the opinions of over 14, business leaders in countries. The road quality indicator score is based on only one question.
The respondents are asked to rate the roads in their country of operation on a scale from 1 underdeveloped to 7 extensive and efficient by international standards. The individual responses are aggregated to produce a country score. Quality of railroad infrastructure, 1 low - 7 high Definition: The Quality of railroad infrastrucutre indicator is one of the components of the Global Competitiveness Index published annually by the World Economic Forum WEF.
It represents an assessment of the quality of the railroad system in a given country based on data from the WEF Executive Opinion Survey, a long-running and extensive survey tapping the opinions of over 14, business leaders in countries.
The score for railroad infrastrucutre quality is based on only one question. The respondents are asked to rate the railroads in their country of operation on a scale from 1 underdeveloped to 7 extensive and efficient by international standards.
It represents an assessment of the quality of port facilities in a given country based on data from the WEF Executive Opinion Survey, a long-running and extensive survey tapping the opinions of over 14, business leaders in countries. The score for port infrastrucutre quality is based on only one question. The respondents are asked to rate the port facilities and inland waterways in their country of operation on a scale from 1 underdeveloped to 7 extensive and efficient by international standards.
For landlocked countries, the respondents are asked to rate the access to port facilities and inland waterways on a scale from 1 impossible to 7 easy. Quality of air transport infrastructure, 1 low - 7 high Definition: The Quality of air transport infrastructure indicator is one of the components of the Global Competitiveness Index published annually by the World Economic Forum WEF.
It represents an assessment of the quality of airports in a given country based on data from the WEF Executive Opinion Survey, a long-running and extensive survey tapping the opinions of over 14, business leaders in countries. The score for air transport infrastructure quality is based on only one question.
The respondents are asked to rate the passenger air transport in their country of operation on a scale from 1 underdeveloped to 7 extensive and efficient by international standards. Energy and environment. Gasoline prices at the pump, in dollars per liter Definition: Fuel prices refer to the pump prices of the most widely sold grade of gasoline.
Prices have been converted from the local currency to U. Diesel prices at the pump, in dollars per liter Definition: Fuel prices refer to the pump prices of the most widely sold grade of diesel fuel. Energy use per capita Definition: Energy use refers to use of primary energy before transformation to other end-use fuels, which is equal to indigenous production plus imports and stock changes, minus exports and fuels supplied to ships and aircraft engaged in international transport. Alternative and nuclear energy, percent of total energy use Definition: Renewable energy consumption is the share of renewables energy in total final energy consumption.
Energy use refers to use of primary energy before transformation to other end-use fuels, which is equal to indigenous production plus imports and stock changes, minus exports and fuels supplied to ships and aircraft engaged in international transport. PPP GDP is gross domestic product converted to constant international dollars using purchasing power parity rates.
An international dollar has the same purchasing power over GDP as a U. Electricity production from renewable sources, million kWh Definition: Electricity production from renewable sources, excluding hydroelectric, includes geothermal, solar, tides, wind, biomass, and biofuels. Carbon dioxide emissions, thousands of tonnes Definition: Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement.
They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring. Carbon dioxide emissions per capita Definition: Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. Energy imports as percent of total energy use Definition: Net energy imports are estimated as energy use less production, both measured in oil equivalents. A negative value indicates that the country is a net exporter.
Income from natural resources, percent of GDP Definition: Total natural resources rents are the sum of oil rents, natural gas rents, coal rents hard and soft , mineral rents, and forest rents. Revenue minus production cost of oil, percent of GDP Definition: Oil rents are the difference between the value of crude oil production at regional prices and total costs of production. Revenue minus production cost of natural gas, percent of GDP Definition: Natural gas rents are the difference between the value of natural gas production at regional prices and total costs of production.
Access to electricity, percent of the population Definition: Access to electricity is the percentage of population with access to electricity. Electrification data are collected from industry, national surveys and international sources. Industry: Oil, coal, and electricity.
Oil reserves, billion barrels Definition: Proved reserves of crude oil are the estimated quantities of all liquids defined as crude oil, which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from reservoirs under existing economic and operating conditions.
Oil production, thousand barrels per day Definition: Oil production, thousand barrels per day. Oil consumption, thousand barrels per day Definition: Oil consumption Total petroleum consumption includes internal consumption, refinery fuel and loss, and bunkering.
Also included, where available, is direct combustion of crude oil. Gasoline production, thousand barrels per day Definition: Gasoline production includes production of: conventional gasoline; all types of oxygenated gasoline, including gasohol; and reformulated gasoline; but excludes production of aviation gasoline. Volumetric data on blending components, such as oxygenates, are not counted in data on finished motor gasoline until the blending components are blended into the gasoline.
Gasoline consumption, thousand barrels per day Definition: Gasoline consumption includes the consumption of: conventional gasoline; all types of oxygenated gasoline, including gasohol; and reformulated gasoline; but excludes the consumption of aviation gasoline. Volumetric data on blending components, such as oxygenates, are not counted in the data on finished motor gasoline until the blending components are blended into the gasoline. Liquefied petroleum gas production, thousand barrels per day Definition: Liquefied petroleum gases include ethane, ethylene, propane, propylene, normal butane, butylene, isobutane, and isobutylene.
The Liquefied Petroleum Gases production also includes, where data are available, liquefied petroleum gases sold directly from natural gas processing plants for fuel or chemical uses and pentanes plus.
Liquefied petroleum gas consumption, thousand barrels per day Definition: Liquefied petroleum gases include ethane, ethylene, propane, propylene, normal butane, butylene, isobutane, and isobutylene.
The Liquefied Petroleum Gases consumption also includes, where data are available, liquefied petroleum gases sold directly from natural gas processing plants for fuel or chemical uses and pentanes plus. Jet fuel production, thousand barrels per day Definition: The indicator estimates the volume of jet fuel produced within a country expressed in thousand barrels per day.
Jet fuel is a refined petroleum product used in jet aircraft engines and it includes kerosene-type jet fuel and naphtha-type jet fuel. Jet fuel consumption, thousand barrels per day Definition: The indicator estimates the volume of jet fuel consumed within a country expressed in thousand barrels per day. Coal reserves, million short tons Definition: Proven reserves of coal in million short tons.
A short ton equals exactly 2, pounds or Coal production, thousand short tons Definition: Total primary coal production Coal includes anthracite, subanthracite, bituminous, subbituminous, lignite, brown coal, and oil shale.
Coal consumption, thousand short tons Definition: Coal consumption includes anthracite, subanthracite, bituminous, subbituminous, lignite, brown coal, and oil shale. It also includes net imports of metallurgical coke. Coal imports, thousand short tons Definition: Amount of foreign coal shipped to the country. Coal exports, thousand short tons Definition: Amount of coal shipped to foreign destinations.
Electricity generation Definition: Electricity generation from all sources in GWh. Electricity consumption Definition: Electricity consumption in GWh.
Electricity exports Definition: Electricity exports in GWh. Electricity imports Definition: Electricity imports in GWh. Electricity production, billion kilowatthours Definition: Total electricity net generation Net generation excludes the energy consumed by the generating units.
Net consumption excludes the energy consumed by the generating units. Electricity imports, billion kilowatthours Definition: Annual import of electricity in billion kWh. Electricity exports, billion kilowatthours Definition: Annual export of electricity in billion kWh.
Renewable power capacity, million kilowatts Definition: Total capacity to produce electricity from renewable resources in million kilowatts. Renewable power generation, billion kilowatthours Definition: Total Renewables Electricity Net Generation Net generation excludes the energy consumed by the generating units and also excludes generation from hydroelectric pumped storage.
Energy mix. Fossil fuels electricity capacity, million kilowatts Definition: Installed capacity to produce electricity from fossil fuels including oil, coal, and natural gas. Fossil fuels electricity generation, billion kilowatthours Definition: Billion kilowatthours of electricity generated from fossil fuels including oil, coal, and natural gas. Wind electricity capacity, million kilowatts Definition: Installed capacity to produce electricity from wind in million kilowatts.
Wind electricity generation, billion kilowatthours Definition: Billion kilowatthours of electricity generated from wind. Solar electricity capacity, million kilowatts Definition: Installed capacity to produce electricity from sunlight in million kilowatts. Solar electricity generation, billion kilowatthours Definition: Billion kilowatthours of electricity generated from sunlight. Hydroelectricity capacity, million kilowatts Definition: Installed capacity to produce hydroelectricity in million kilowatts.
Hydroelectricity generation, billion kilowatthours Definition: Hydroelectric generation excludes generation from hydroelectric pumped storage. Nuclear electricity capacity, million kilowatts Definition: Installed capacity to produce hydroelectricity in million kilowatts.
Nuclear power generation, billion kilowatthours Definition: Nuclear electricity net generation Net generation excludes the energy consumed by the generating units. Geothermal electricity capacity, million kilowatts Definition: Installed capacity to produce geothermal electricity in million kilowatts. Geothermal electricity generation, billion kilowatthours Definition: Billion kilowatthours of geothermal electricity generated. Agriculture sector. Forest area, percent of total land area Definition: Forest area is land under natural or planted stands of trees of at least 5 meters in situ, whether productive or not, and excludes tree stands in agricultural production systems for example, in fruit plantations and agroforestry systems and trees in urban parks and gardens.
Percent agricultural land Definition: Agricultural land refers to the share of land area that is arable, under permanent crops, and under permanent pastures. Arable land includes land defined by the FAO as land under temporary crops double-cropped areas are counted once , temporary meadows for mowing or for pasture, land under market or kitchen gardens, and land temporarily fallow. Land abandoned as a result of shifting cultivation is excluded.
Land under permanent crops is land cultivated with crops that occupy the land for long periods and need not be replanted after each harvest, such as cocoa, coffee, and rubber. This category includes land under flowering shrubs, fruit trees, nut trees, and vines, but excludes land under trees grown for wood or timber. Permanent pasture is land used for five or more years for forage, including natural and cultivated crops. Value added in the agricultural sector as percent of GDP Definition: Agriculture corresponds to ISIC divisions and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production.
Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. Note: For VAB countries, gross value added at factor cost is used as the denominator.
Agriculture value added is the net output of the agriculture sector, including forestry, hunting and fishing, and cultivation of crops and livestock production, after adding up all outputs and subtracting intermediate inputs. Deductions for depreciation of fabricated assets and depletion and degradation of natural resources are not included in the calculation.
Values are in billion U. Agricultural land, sq. Definition: Agricultural land refers to the share of land area that is arable, under permanent crops, and under permanent pastures.
It includes all crops except fodder crops. Regional and income group aggregates for the FAO's production indexes are calculated from the underlying values in international dollars, normalized to the base period Precipitation, mm per year Definition: Average precipitation is the long-term average in depth over space and time of annual precipitation in the country.
Precipitation is defined as any kind of water that falls from clouds as a liquid or a solid. Arable land, percent of total land area Definition: Arable land includes land defined by the FAO as land under temporary crops double-cropped areas are counted once , temporary meadows for mowing or for pasture, land under market or kitchen gardens, and land temporarily fallow. Cereal yield, kg per hectar Definition: Cereal yield, measured as kilograms per hectare of harvested land, includes wheat, rice, maize, barley, oats, rye, millet, sorghum, buckwheat, and mixed grains.
Production data on cereals relate to crops harvested for dry grain only. Cereal crops harvested for hay or harvested green for food, feed, or silage and those used for grazing are excluded.
The FAO allocates production data to the calendar year in which the bulk of the harvest took place. Most of a crop harvested near the end of a year will be used in the following year.
Coffee and tea are excluded because, although edible, they have no nutritive value. Fertilizer use, kg per hectare of arable land Definition: Fertilizer consumption measures the quantity of plant nutrients used per unit of arable land. Fertilizer products cover nitrogenous, potash, and phosphate fertilizers including ground rock phosphate. Traditional nutrients--animal and plant manures--are not included. For the purpose of data dissemination, FAO has adopted the concept of a calendar year January to December.
Some countries compile fertilizer data on a calendar year basis, while others are on a split-year basis. Forest area, sq. Banking system access and depth. Automated teller machines are computerized telecommunications devices that provide clients of a financial institution with access to financial transactions in a public place. Bank accounts per adults Definition: Number of depositors with commercial banks per 1, adults.
Bank branches per , people Definition: Number of commercial bank branches per , adults. Firms using bank credit to finance investment, percent of all firms Definition: Percentage of firms using banks to finance purchases of fixed assets.
Small firms with bank credit, percent of all small firms Definition: Percentage of small firms workers in the formal sector with a line of credit or a loan from a formal financial institution, such as a bank, credit union, microfinance institution, or cooperative. The data are from the World bank Global Financial Inclusion survey. Domestic credit to the private sector, percent of GDP Definition: Domestic credit to private sector refers to financial resources provided to the private sector, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment.
For some countries these claims include credit to public enterprises. Bank credit to the private sector as percent of GDP Definition: Domestic credit to private sector by banks refers to financial resources provided to the private sector by other depository corporations deposit taking corporations except central banks , such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment.
Liquid liabilities are also known as broad money, or M3. They are the sum of currency and deposits in the central bank M0 , plus transferable deposits and electronic currency M1 , plus time and savings deposits, foreign currency transferable deposits, certificates of deposit, and securities repurchase agreements M2 , plus travelers checks, foreign currency time deposits, commercial paper, and shares of mutual funds or market funds held by residents.
Assets include claims on domestic real nonfinancial sector which includes central, state and local governments, nonfinancial public enterprises and private sector.
Deposit money banks comprise commercial banks and other financial institutions that accept transferable deposits, such as demand deposits. Financial system deposits, percent of GDP Definition: Demand, time and saving deposits in deposit money banks and other financial institutions as a share of GDP.
Bank credit to government and public enterprises, percent of GDP Definition: Bank credit is the amount of credit available to the government sector. It consists of the total amount of combined funds that are provided to the government by the bank sector. Bank concentration: percent of bank assets held by top three banks Definition: Raw data are from Bankscope.
Only reported if number of banks in Bankscope is 3 or more. Calculated from underlying bank-by-bank unconsolidated data from Bankscope. Foreign bank assets as percent of the total bank assets Definition: Percentage of the total banking assets that are held by foreign banks.
A foreign bank is a bank where 50 percent or more of its shares are owned by foreigners. People with bank accounts, percent of the population over 14 years of age Definition: The percentage of respondents with an account self or together with someone else at a bank, credit union, another financial institution e. Banking system efficiency and stability.
Bank lending-deposit interest rate spread Definition: Difference between the lending rate and the deposit rate. The lending rate is the rate charged by banks on loans to the private sector and the deposit interest rate is the rate offered by commercial banks on three-month deposits. Bank cost to income ratio, in percent Definition: Operating expenses of a bank as a share of the sum of net-interest revenue and other operating income. The numerator and denominator are first aggregated on the country level before division.
Note that banks used in the calculation might differ between indicators. Non-performing loans as percent of all bank loans Definition: Bank nonperforming loans to total gross loans are the value of nonperforming loans divided by the total value of the loan portfolio including nonperforming loans before the deduction of specific loan-loss provisions. The loan amount recorded as nonperforming should be the gross value of the loan as recorded on the balance sheet, not just the amount that is overdue.
Bank overhead costs, percent of total assets Definition: Operating expenses of a bank as a share of the value of all assets held. Total assets include total earning assets, cash and due from banks, foreclosed real estate, fixed assets, goodwill, other intangibles, current tax assets, deferred tax assets, discontinued operations and other assets.
Bank interest revenue, percent of interest-bearing assets Definition: Accounting value of bank's net interest revenue as a share of its average interest-bearing total earning assets. The numerator and denominator are aggregated on the country level before division. Bank credit as percent of bank deposits Definition: The financial resources provided to the private sector by domestic money banks as a share of total deposits.
Domestic money banks comprise commercial banks and other financial institutions that accept transferable deposits, such as demand deposits. Total deposits include demand, time and saving deposits in deposit money banks. Banking system regulatory capital to risk-weighted assets Definition: The capital adequacy of deposit takers.
It is a ratio of total regulatory capital to its assets held, weighted according to the risk of those assets. Banking system z-scores Definition: The index captures the probability of default of a country's banking system. Z-score compares the buffer of a country's banking system capitalization and returns with the volatility of those returns. ROA, equity, and assets are country-level aggregate figures.
Bank liquid assets to deposits and short-term funding Definition: The ratio of the value of liquid assets easily converted to cash to short-term funding plus total deposits.
Liquid assets include cash and due from banks, trading securities and at fair value through income, loans and advances to banks, reverse repos and cash collaterals. Deposits and short term funding includes total customer deposits current, savings and term and short term borrowing money market instruments, CDs and other deposits.
Banking system capital, percent of assets Definition: Ratio of bank capital and reserves to total assets. Capital and reserves include funds contributed by owners, retained earnings, general and special reserves, provisions, and valuation adjustments.
Capital includes tier 1 capital paid-up shares and common stock , which is a common feature in all countries' banking systems, and total regulatory capital, which includes several specified types of subordinated debt instruments that need not be repaid if the funds are required to maintain minimum capital levels these comprise tier 2 and tier 3 capital. Total assets include all nonfinancial and financial assets. Reported by IMF staff. Note that due to differences in national accounting, taxation, and supervisory regimes, these data are not strictly comparable across countries.
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