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The purpose of this indicator is to give an assessment of economic production in the economy inclusive of current prices of goods and services in its calculation.

Nominal GDP per capita measures the value of the goods and services produced by the population of a country or area at current prices. Nominal GDP per capita is calculated by dividing the nominal GDP by the country’s population. The data for nominal GDP is measured in current BZ dollars.

Statistical Institute of Belize (SIB)

Statistical Institute of Belize (SIB)

Annual

Current market prices in BZ Dollars

Nominal GDP includes all of the changes in market prices that have occurred due to inflation or deflation in given period. “Rise in the overall price level” is the definition given for inflation. Deflation is defined as a fall in the overall price level. Nominal GDP includes inflation and is normally higher than Real GDP, but this is not indicative that the economy has actually grown.

Gross Domestic Product (GDP) measures the monetary value of final goods and services produced in an economic territory country in a given period. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. GDP can be measured using the expenditure approach is 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. Nominal gross domestic product (GDP) is GDP given in current prices, without adjustment for inflation. Current price estimates of GDP are obtained by expressing values of all goods and services produced in the current reporting period. This indicator is measured in growth rates compared to the previous year.

No disaggregation

The nominal GDP formula relies on one of three measurement methods: income, production or expenditure. The income method adds the income earned via all of the wages, rent, interest, and profits earned by businesses and households during a single year. The production method calculates net production by subtracting consumption from the estimated output in a year. Finally, the expenditure method calculates the sum of all the goods and services purchased in the country over a year. Nominal GDP per capita is calculated by dividing the nominal GDP by the country’s population.

This indicator can be used to measure nominal GDP per capita in BZ dollars. Nominal GDP per capita can be used when comparing different quarters of output within the same year or a given period

Nominal gross domestic product doesn’t take inflation into effect and hence it is not an accurate measure of GDP growth rate or the increase and/or decrease of a country’s production and output over a given period.