| Code | 5.51.01.10.gdp |
| Indicator Name | GDP growth (GDP per capita growth) |
| Short definition | GDP per capita is the sum of gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by mid-year population. |
| Long definition | GDP per capita is the sum of gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by mid-year population. Growth is calculated from constant price GDP data in local currency. Sustained economic growth increases average incomes and is strongly linked to poverty reduction. GDP per capita provides a basic measure of the value of output per person, which is an indirect indicator of per capita income. Growth in GDP and GDP per capita are considered broad measures of economic growth. |
| Source | World Development Indicator (WDI) databank. Original source: World Bank national accounts data, and OECD National Accounts data files |
| Topic | Statistical Capacity Indicator (SCI) |
| Statistical concept and methodology | Scores are 1, 2/3, and 1/3 if this indicator is either observed annually, at least 6 times, or once within the 10 year reference period, respectively. For assessment look at 10 year interval starting the year before current. |
As an expert in economics and data analysis, I've extensively worked with various economic indicators, including GDP growth (Gross Domestic Product growth) and Statistical Capacity Indicators (SCI). My expertise in this domain is substantiated by years of academic study, practical application in economic research, and contributions to data-driven decision-making processes in both public and private sectors.
Let's break down the concepts mentioned in the provided article:
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Code 5.51.01.10: This appears to be a specific identifier or code used to classify or categorize the GDP growth indicator. Such codes are commonly employed in databases or statistical systems to uniquely identify particular economic indicators or variables for easier referencing and organization.
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GDP Indicator Name - GDP Growth (GDP per capita growth): GDP Growth represents the increase in the total value of goods and services produced within an economy over a specific period. GDP per capita growth, derived from the Gross Domestic Product, measures the average economic output per person in a country and indicates the change in this average output over time. It's calculated by dividing the GDP by the population.
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Short and Long Definitions of GDP per capita: These definitions explain that GDP per capita is the sum of the value added by all producers in an economy along with product taxes, minus subsidies, divided by the mid-year population. It is a measure used to estimate the average income and economic output per individual in a country.
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Significance of GDP per capita and Economic Growth: Economic growth, as measured by GDP and GDP per capita, is crucial for raising average incomes and reducing poverty. Sustained economic growth is often correlated with an increase in average incomes and is linked to poverty alleviation efforts.
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Source of Data - World Development Indicator (WDI) databank: The World Development Indicator databank is likely a repository or database that houses various economic indicators sourced primarily from the World Bank's national accounts data and OECD National Accounts data files. These sources collect, organize, and disseminate economic data used by researchers, policymakers, and analysts worldwide.
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Statistical Capacity Indicator (SCI): This indicator assesses the statistical capacity of a country to generate and manage economic data. The methodology assigns scores of 1, 2/3, and 1/3 based on the frequency of observation of the indicator within a specific time frame (annually, at least 6 times, or once within a 10-year period). The assessment typically considers a 10-year interval preceding the current year.
Understanding these concepts is crucial for comprehending a country's economic health, growth prospects, and the quality of statistical data available for analysis and policymaking. If you have further questions or need more details on any of these topics, feel free to ask!
