the average growth rate of U.S. real GDP per person over the past 100 years is 2 percent. 1960s was growth most rapid and in Great Depression was its slowest.
What is GDP?
- The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP).
- It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production.
- Though GDP is typically calculated on an annual basis, it is sometimes calculated on a quarterly basis as well. In the U.S., for example, the government releases an annualized GDP estimate for each fiscal quarter and also for the calendar year. The individual data sets included in this report are given in real terms, so the data is adjusted for price changes and is, therefore, net of inflation.
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