What are the key indicators used to measure the economic growth of a country
Explore the various indicators such as GDP, GNP, inflation rate, and unemployment rate that help in assessing the economic progress of a nation.
- Gross Domestic Product (GDP): GDP measures the total value of goods and services produced within a country's borders. A growing GDP indicates economic growth.
- Gross National Product (GNP): GNP measures the total value of goods and services produced by a country's residents, regardless of where they are located. GNP provides a broader view of a nation's economic performance.
- Inflation Rate: Inflation measures the increase in the prices of goods and services, indicating the purchasing power of a currency. Controlling inflation is essential for economic stability.
- Unemployment Rate: Unemployment rate reflects the percentage of the labor force that is without a job. A decreasing unemployment rate signifies a healthier economy.
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4 months ago