Fact sheet #7: Gross domestic product · World real gross domestic product annual growth rate...
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1 UNCTAD Handbook of Statistics 2018 - Economic trends Fact sheet #7: Gross domestic product 30 000 and more 8 000 to less than 30 000 3 000 to less than 8 000 1 000 to less than 3 000 0 to less than 1 000 No data Note: At constant 2010 United States dollars. The shaded area indicates UNCTAD nowcasts. For the methodology, see UNCTAD Handbook of Statistics 2018, annex 6.3. GDP is an aggregate measure of production, income and expenditure of an economy. As production measure, it represents the gross value added, i.e. the output net of intermediate consumption, achieved by all resident units engaged in production, plus any taxes less subsidies on products not included in the value of output. As income measure, it represents the sum of primary incomes (gross wages and entrepreneurial income) distributed by resident producers, plus taxes and less subsidies on production and imports. As expenditure measure, it represents the sum of expenditure on final consumption, gross capital formation (i.e. investment) and exports after deduction of imports (United Nations et al., 2009). The GDP figures presented in this section are calculated from the expenditure side. Concepts and definitions Upswing in the global economy In 2017, world GDP grew at a rate of 3.1 per cent, 0.7 percentage points more than in 2016. This was the first time since 2011 that the growth rate exceeded 3 per cent. In 2018, the GDP growth rate is nowcast to moderate slightly to 3.0 per cent. Large differences in GDP per capita persist throughout the world. In 2017, most developed economies produced an output per person greater than US$30 000, with Eastern Europe as the main exception. By contrast, many developing economies in Western and Eastern Africa, in Western and Southern Asia, all primarily LDCs, recorded a per capita output of less than US$1 000. Developing economies in America, Northern and Southern Africa, in Western and Eastern Asia and Oceania mostly achieved output above US$3 000 per person. -2 -1 0 1 2 3 4 5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Map 1 Gross domestic product per capita, 2017 (United States dollars) Figure 1 World real gross domestic product annual growth rate (Percentage)
Transcript of Fact sheet #7: Gross domestic product · World real gross domestic product annual growth rate...
1 UNCTAD Handbook of Statistics 2018 - Economic trends
Fact sheet #7: Gross domestic product
30 000 and more
8 000 to less than 30 000
3 000 to less than 8 000
1 000 to less than 3 000
0 to less than 1 000
No data
Note: At constant 2010 United States dollars. The shaded area indicates UNCTAD nowcasts. For the methodology, see UNCTAD Handbook of Statistics 2018, annex 6.3.
GDP is an aggregate measure of production, income and expenditure of an economy. As production measure, it represents the gross value added, i.e. the output net of intermediate consumption, achieved by all resident units engaged in production, plus any taxes less subsidies on products not included in the value of output. As income measure, it represents the sum of primary incomes (gross wages and entrepreneurial income) distributed by resident producers, plus taxes and less subsidies on production and imports. As expenditure measure, it represents the sum of expenditure on final consumption, gross capital formation (i.e. investment) and exports after deduction of imports (United Nations et al., 2009).
The GDP figures presented in this section are calculated from the expenditure side.
Concepts and definitions
Upswing in the global economy
In 2017, world GDP grew at a rate of 3.1 per cent, 0.7 percentage points more than in 2016. This was the first time since 2011 that the growth rate exceeded 3 per cent. In 2018, the GDP growth rate is nowcast to moderate slightly to 3.0 per cent.
Large differences in GDP per capita persist throughout the world. In 2017, most developed economies produced an output per person greater than US$30 000, with Eastern Europe as the main exception. By contrast, many developing economies in Western and Eastern Africa, in Western and Southern Asia, all primarily LDCs, recorded a per capita output of less than US$1 000. Developing economies in America, Northern and Southern Africa, in Western and Eastern Asia and Oceania mostly achieved output above US$3 000 per person.
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Map 1 Gross domestic product per capita, 2017(United States dollars)
Figure 1 World real gross domestic product annual growth rate(Percentage)
UNCTAD Handbook of Statistics 2018 - Economic trends 1
Note: Lorenz curves, as in this graph, reveal the structure of inequality. Inequality is greater the further the curve runs below the diagonal line (see UNCTAD Handbook of Statistics 2018, annex 6.3). Inequality within economies is not considered.
Note: At constant 2010 United States dollars.
Disparities in growth across groups of economies
Not all regions of the world recorded equally high economic growth in 2017. Developing economies of Asia and Oceania recorded a rate of 5.6 per cent, whereas the developing economies of America reached only 1.2 per cent. In developed and transition economies, GDP increased at modest rates, 2.3 and 2.1 per cent, respectively.
GDP growth in LDCs was 4.4 per cent, remaining well below the 7 per cent target set by the 2030 Agenda for Sustainable Development. Output per capita increased by only 2.0 per cent, due in part to high population growth.
World inequality decreasing
Over the last 10 years, the global distribution of GDP per capita has become more equal. For example, in 2007, the poorest economies accounting for 80 per cent of the world’s population contributed 22 per cent to world GDP. By 2017, their share of GDP rose to 32 per cent. Between 2012 and 2017, however, inequalities in GDP per capita reduced mainly among economies with moderately high income. The relative distance between the richest and poorest economies in the world remained almost unchanged.
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Proportion of the world population, ordered by economy-level GDP per capita
World GDP growthacceleratedfrom 2.4% in 2016 to3.1% in 2017
Growth in developing economies of Asia and Oceania
+5.6%
GDP growth ratein LDCs well below the 2030 Agendatarget of 7%
20% of peopleaccount for two thirds of world GDP
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Figure 2 Growth of real gross domestic product by group of economies, 2017(Percentage)
Figure 3 Distribution of world gross domestic product, 2017(Percentage)
For references, see UNCTAD Handbook of Statistics 2018, annex 6.4.
