Mexico, like many non-oecd countries, revise their fixed weights less frequently the last revision occurring after ten years. Such practices however tend to lead to biased growth rates, usually upward. Lequiller, P. Marianna, D. Pilat, P. Schreyer, A. Lequiller, F. GDP growth Table 2. GDP per capita 3. Gross GDP Domestic per Product capita GDP per capita is a core indicator of economic performance and commonly used as a broad measure of average living standards or economic well-being; despite some recognised shortcomings. Average GDP per capita may rise for example but more people may be worse off if income inequalities also increase.
Equally, in some countries see Comparability on the right , there may be a significant number of nonresident border or seasonal workers or indeed inflows and outflows of property income and both phenomena imply that the value of production differs from the income of residents, thereby over or understating their living standards. A full discussion of these issues can be found in the Stiglitz-Sen-Fitoussi report see references. Definition The definition for GDP is described in section 1 and population estimates are described in the Reader Notes section.
Decomposing per capita growth into two parts, labour productivity growth measured as GDP per hour worked and labour utilisation growth measured as hours worked per capita is helpful in this context. Comparability Generally, particularly because all countries follow the System of National Accounts, the comparability of population and GDP estimates across countries is good see Section 1. However, some care is needed in interpretation, for example Luxembourg and, to a lesser extent, Switzerland have a relatively large number of frontier workers.
Such workers contribute to GDP but are excluded from the population figures, which is one of the reasons why cross-country comparisons of income per capita based on gross or net national income GDI and NNI are often preferred, see Chapter 2 on Income. GDP per capita Table 3. Gini Coefficient The Gini Coefficient is a measure of income inequality which is based on data relating to household s disposable income.
A Gini Coefficient of zero indicates perfect income equality, whereas. Methodology used to determine a territory s health expenditure. In , OECD countries spent 6. Please cite this chapter. Why focusing on GVCs?
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International price comparisons based on purchasing power parity Because exchange rate movements, in general, tend to be more volatile than changes in national price levels, the purchasing power parity. International comparisons of obesity prevalence June International Comparisons of Obesity Prevalence Executive Summary Obesity prevalence among adults and children has been increasing in most developed. The U. For release a. BIS database for debt service ratios for the private nonfinancial sector Data documentation The debt service ratio DSR is defined as the ratio of interest payments plus amortisations to income.
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Creating a weightless economy: Positioning New Zealand to compete in the global economy September www. A strategy for competing globally To succeed in an intensely. Early Childhood Education and Care Participation in education by three- and four-year-olds tends now to be high, though coverage is a third or less of the age group in several OECD countries. Early childhood. Marriage rates Definitions and methodology SF3.
Accounting for Household Production in the National Accounts, Survey of Current Business, June
This measure disregards other. List of tables I.
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EUR 43 Unemployment.
Government-related spending and employment at the federal level increased, while state and local government-related spending and employment remained virtually flat. Export-related spending and employment increased slightly see figures 7—9. This was the lowest PCE value registered in the recession. Services were particularly affected, especially transportation, food services, recreation, and financial services. PCE-related employment declined that year by 2. Of those 2.
More PCE-related and total jobs were lost in than any other year in the recession see figure 9 and table 3. Excluding government-related employment gains, lower consumer spending was associated with one-third of the 6. Half of the 6. Exports have been a bright spot in the U. Meanwhile, employment related to federal, state, and local governments increased by a combined , Consumer spending slowly recovered through after bottoming out in the second quarter of The revival in spending, however, was the weakest since the s, especially for services and nondurable goods.
With weak growth, in PCE contributed less to GDP growth than did gross private investment—the first time since Typically, employment tends to lag output in recovery from recessions. This held for PCE-related and, consequently, total employment in the latest recession. Even as PCE slowly recovered, PCE-related employment continued to decline through with , fewer jobs—a smaller decrease than in —as the economy began to turn around see figures 8 and 9. In contrast, employment levels increased or decreased the same year that output levels did for the investment, export, and government sectors in the Great Recession.
PCE-related employment recovery was also impaired by weak spending on labor-intensive services and lower purchases towards goods-producing industries.
A similar number of consumer-related jobs in goods-producing industries were lost a decline of , jobs as service-providing ones a , decline in see table 4. Consumer-related employment accounted for the majority State and local government-related employment, experiencing its first decline in this business cycle, accounted for the remainder of the decrease.
Meanwhile, export-related employment improved, while investment-related employment remained essentially flat. Employment and spending related to the federal government peaked in , supported by the employment increase with the administration of the Census see figures 7—9 and tables 2—3.
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In total, the number of jobs tied to consumer demand declined by 3. By , PCE-related employment stood at levels last seen in The recession had a disproportionate impact on goods-producing industries: although less than 10 percent of PCE-related jobs are involved in making goods, these industries represented Services accounted for the remaining The total economy experienced a net decline of 7.
This represents a 5. After federal government—related employment increases are excluded, a total 8. PCE-related employment accounted for over a third of this decline— Because of its cyclical nature, investment-related employment experienced much larger and more rapid declines than all other sectors of the economy: between its peak and trough — , investment-related employment fell Many of those jobs were related to the construction industry.
The remainder of the decline between and was in export-related employment 4. In consumer spending grew 2. The 3-year journey back to spending levels was the slowest recovery from recession since World War II. However, 2.
With In overall employment increased by 1. Federal government—related employment began to decline from its peak, while export-related employment reached levels. Declining government-related employment at the federal, state, and local levels, as well as weak investment-related employment growth, were the primary causes of low employment growth in see figures 8—9 and table 3.
In consumer spending and its related employment expanded slower than in , as the unemployment rate remained elevated around 8 percent in the United States and the Eurozone slipped into another recession. PCE increased 1.
In PCE-related employment finally recovered recessionary losses see figure 8. Because the time series of employment relating to consumption only extends back to , the recovery from the latest recession can only be compared with the recession. In the recession, PCE-related employment took 3 years to recover to highs, and total employment took 4 years to recover. In the most recent recession, PCE-related employment recovered in 5 years, while total employment required 7.
The quicker recovery of PCE-related employment in comparison with the overall economy reflects the relatively stability of consumption during the business cycle, the strong performance of some of its subsectors see next section , and the negative toll of low investment spending on broader economic recovery in the latest recession.
In contrast to PCE-related employment, total employment expanded faster in than in as investment spending began to show stronger recovery see figure 9 —nonetheless, the overall employment growth rate remained lower than rates typically seen following recessions.