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: -GDP per capita is gross domestic product divided by midyear population.

Detailed explanation-3: -What Is GDP Per Capita? Gross domestic product (GDP) per capita is a financial metric that breaks down a country’s economic output per person and is calculated by dividing the GDP of a nation by its population.

Detailed explanation-4: -How are they defined? GDP per capita, purchasing power parity (PPP) (current international $)-This is the GDP divided by the midyear population, where GDP is the total value of goods and services for final use produced by resident producers in an economy, regardless of the allocation to domestic and foreign claims.

Detailed explanation-5: -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.