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What is gross domestic product (GDP)? | News glossary
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when trying to get a sense of how rich a country is the most common term you'll hear is gdp or gdp gdp gdp is gdp gdp or gross domestic product uh while many internationally consider australia's main gross domestic product to be vegemite uh the gdp is actually the market value of all finished goods and services produced in a country in a year obviously that is total gibberish but uh here's what it means [Music] let's take australia our gdp is the number we get when we add up the price of every single product or service produced in our country when it reaches the point where it's sold for the last time in australia for example let's say your job is to make sugar and a third of the sugar you make you take to the local market and you sell it in little bags for people to use in their household cooking the sale of that sugar would count towards australia's gdp but another third of the sugar you make you actually sell to a local sweets company that uses it to make lollipops that they will eventually go on to sell the sale of that sugar would not add to the gdp because it's not a finished good but eventually the sale of the lollipops would you see in this way we don't end up with a bunch of double ups the only time the sale of unfinished goods or intermediate goods count towards the gdp is when they're being exported uh which is what you do with that last third of sugar you sell it to a company in japan and it doesn't really matter what that japanese company does with it because that's the last time that sugar will be sold in australia oh and it's not just the sale of physical objects by the way like the money that doctors make or dog walkers make or teachers or babysitters all of that counts towards the gdp too because they're selling a service to put it simply gdp gives you a sense of how big a country's economy is it's not perfect though because there are heaps of things that can't be measured that still affect the wealth of a country like having non-polluted air or clean drinking water or a bunch of tourist attractions or even just the happiness of the citizens all these things are super valuable but hard to put a dollar value on economics bad at measuring things other than money shocking where gdp does come in handy though is comparing countries and it's a pretty decent way of seeing who the most powerful players are in the global arena for example as of 2022 the us's gdp is 20.94 trillion us dollars compared to australia's 1.33 trillion give or take as the exchange rate changes with every second but um clearly they dwarf us what if you wanted to compare how well off each of our citizens are well then you would need to divide the gdp by the population giving you the gdp per capita in the u.s the gdp per capita is about 63.5 000 us dollars while in australia it's about 51.8 000 so as you can see much much closer oh while i have you here the growth rate of a country's gdp is another big thing that people talk about because it's a common way of determining the relative health of a country's economy uh particularly when that growth is actually negative anyway that's gross domestic product gross
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