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This indicator represents a measure of labour productivity growth, thus providing information on the evolution, efficiency and quality of human capital in the production process.

Annual growth rate of real GDP per employed person conveys the annual percentage change in real Gross Domestic Product per employed person. Economic growth in a country can be ascribed either to increased employment or to more effective work by those who are employed. This indicator casts light on the latter effect, being therefore a key measure of economic performance.

Statistical Institute of Belize

Statistical Institute of Belize

Annual

Percentage (%)

Labour productivity (and growth) estimates can support the formulation of labour market policies and monitor their effects. They can also contribute to the understanding of how labour market performance affects living standards.

Gross Domestic Product (GDP): It is the main measure of national output, representing the total value of all final goods and services within the System of National Accounts (SNA) production boundary produced in a particular economy (that is, the dollar value of all goods and services within the SNA production boundary produced within a country’s borders in a given year). According to the SNA, “GDP is the sum of gross value added of all resident producer units plus that part (possibly the total) of taxes on products, less subsidies on products, that is not included in the valuation of output … GDP is also equal to the sum of the final uses of goods and services (all uses except intermediate consumption) measured at purchasers’ prices, less the value of imports of goods and services GDP is also equal to the sum of primary incomes distributed by resident producer units.”

Real Gross Domestic Product (GDP): Real GDP refers to GDP calculated at constant prices, that is, the volume level of GDP, excluding the effect of inflation and favouring comparisons of quantities beyond price changes. Constant price estimates of GDP are calculated by expressing values in terms of a base period. In theory, the price and quantity components of a value are identified and the price in the base period is substituted for that in the current period.

Employed persons: Persons of working age (usually defined as persons aged 15 and above) who, during a short reference period such as a week, performed work for others in exchange for pay or profit (as stated in the Resolution concerning statistics of work, employment and labour underutilization adopted by the 19th International Conference of Labour Statisticians).

No disaggregation required for this indicator.

Real GDP per employed person = (GDP at constant prices) / (Total employment)

This indicator can be used to measure the annual percentage change in real Gross Domestic Product per employed person.

Output measures are obtained from national accounts and represent, as much as possible, GDP at market prices for the aggregate economy. However, despite common principles that are mostly based on the United Nations System of National Accounts, there are still significant problems in international consistency of national accounts estimates, based on factors such as differences in the treatment of output in services sectors, differences in methods used to correct output measures for price changes (in particular, the use of different weighting systems to obtain deflators) and differences in the degree of coverage of informal economic activities.

All the metadata shown in this document was gathered from United Nation Statistics Division. The metadata was extracted from https://unstats.un.org/sdgs/metadata/.