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DATA IDENTIFICATION
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Name
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Annual growth rate of real GDP per capita
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Indicator purpose
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A proxy for the average standard of living of residents in a country or area.
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Abstract
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Annual growth rate of real Gross Domestic Product (GDP) per capita is calculated as the percentage change in the real GDP per capita between two consecutive years. 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 is measured in constant US dollars to facilitate the calculation of country growth rates and aggregation of the country data.
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Data source
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Statistical Institute of Belize (SIB)
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DATA CHARACTERISTICS
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Contact organization person
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Statistical Institute of Belize (SIB)
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Date last updated
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29-OCT-2019
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Periodicity
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Annual
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Unit of measure
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US Dollars
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Other characteristics
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A positive percentage change in annual real GDP per capita can be interpreted as an increase in the average standard of living of the residents in a country or area.
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DATA CONCEPTS and CLASSIFICATIONS
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Classification used
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Gross Domestic Product (GDP) measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in an economic territory country in a given period of time (say a quarter or a year). It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. GDP can be measured using the expenditure approach as the sum of expenditure on final consumption plus gross capital formation plus exports less imports, the production approach as the value of output less intermediate consumption plus any taxes less subsidies on products not already included in the value of output, or the income approach as compensation of employees plus gross operating surplus plus gross mixed incomes plus taxes less subsidies on both production and imports.
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Disaggregation
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It is possible to disaggregate the country data by region, if countries can make available the underlying regional data which are consistent with the national accounts data to perform the disaggregation.
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Key statistical concepts
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The annual growth rate of real Gross Domestic Product (GDP) per capita is calculated as follows:
a. Convert annual real GDP in domestic currency at 2010 prices for a country or area to US dollars at 2010 prices using the 2010 exchange rates.
b. Divide the result by the population of the country or area to obtain annual real GDP per capita in constant US dollars at 2010 prices.
c. Calculate the annual growth rate of real GDP per capita in year t+1 using the following formula: [(G(t+1) – G(t))/G(t)] x 100, where G(t+1) is real GDP per capita in 2010 US dollars in year t+1 and G(t) is real GDP per capita in 2010 US dollars in year t.
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Formula
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OTHER ASPECTS
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Recommended uses
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This indicator can be used to measure the annual growth rate of real GDP per capita.
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Limitations
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Although countries or areas calculate GDP using the common principles and recommendations in the United Nations System of National Accounts (SNA), there are still problems in international comparability of GDP estimates.
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Other comments
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A necessary condition to being a key economic performance indicator of sustainable development, one of the often-cited limitations of GDP is that it does not account for the social and environmental costs of production. It is designed as a measure of the level of overall well-being. For example, growth in real GDP per capita reveals nothing concerning energy and material interactions with the environment.
Metadata shown in this document was gathered from United Nation Statistics Division. The metadata was extracted from https://unstats.un.org/sdgs/metadata/.