ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Real GDP per capita is calculated by dividing GDP at constant prices by the population of a country or area. The data for real GDP are measured in constant US dollars to facilitate the calculation of country growth rates and aggregation of the country data.

Detailed explanation-3: -GDP Formula GDP = private consumption + gross private investment + government investment + government spending + (exports – imports).

Detailed explanation-4: -Gross Domestic Product (GDP) per capita shows a country’s GDP divided by its total population. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita.