What are the key economic indicators used to analyze the growth of a country's economy?
Explanation of economic indicators and their significance in assessing economic performance.
- Gross Domestic Product (GDP): GDP measures the total value of goods and services produced within a country's borders. It is a key indicator of economic activity and growth.
- Unemployment rate: This indicates the percentage of the labor force that is unemployed and actively seeking employment. A high unemployment rate signifies economic distress.
- Inflation rate: Inflation measures the rate at which prices for goods and services rise. It reflects changes in purchasing power and consumer behavior.
- Consumer Confidence Index (CCI): CCI measures consumers' confidence in the economy, which can impact spending and economic growth.
- Trade balance: It indicates the difference between a country's exports and imports, reflecting the health of international trade.
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