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Economic measurement

Exploring Methodologies in GDP Calculation

December 2, 2023

What are the different approaches used to calculate GDP?

There are three primary approaches to calculating GDP: the production approach, income approach, and expenditure approach. Each method assesses GDP by focusing on different aspects of economic activity, providing complementary perspectives on a country's economic output.

Tags : GDP Calculation , Methodologies , Economic Measurement

Assessing the Impact of the Informal Economy on GDP

December 2, 2023

How does the informal economy affect GDP calculations?

The informal economy, which includes unregistered businesses and unreported income, can significantly affect GDP calculations. As this sector operates outside official records, it often leads to underestimations or inaccuracies in GDP measurements, impacting the overall assessment of a country's economic activity.

Tags : Informal Economy , GDP Calculation , Economic Measurement

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