However, over the years these have steadily increased in absolute terms though not in terms of percentage of GDP.

It turns out even during the Cultural Revolution, China out perfomed India in terms of GDP growth by an average of about 2.2 percent every year in terms of per capita GDP.

Over the last 30 years, in terms of the GDP growth rates, China has grown at twice the rate of India.

In 2001 02, the GDP had grown from 433.6 million to 470.2 million, representing an annual economic growth rate of 8.4 per cent in money terms and 7.8 per cent in real terms after deducting inflation.

In the US, investment spending declined from 23.6 of GDP in 1990 to 19.3 in 2013, and fell even more markedly in net terms (gross investment excluding capital depreciation). In the European Union, the decline was from 24 of GDP in 1990 to 18.1 in 2013.

Per capita GDP (excluding Iraq and Palestine) increased by 2.3 per cent in real terms, while average population growth was estimated at 2.4 per cent.

East Asia as a whole will surpass the US in terms of aggregate GDP by 2015, with China contributing the highest proportion of the total. China s GDP is projected to catch up to that of the US and Europe in 10 15 years, at which point (if not sooner) both Chinese and US real GDP will exceed 25 trillion (in 2012 prices), more than three times China s current GDP.

But there were major differences in the relative power resources of imperial Britain and contemporary America. By the outbreak of World War I, Britain ranked only fourth among the great powers in terms of military personnel, fourth in terms of GDP, and third in military spending.

But growing inequality is not inevitable. There are market economies that are doing better, both in terms of both GDP growth and rising living standards for most citizens.

Many small developing countries also receive remittance flows that are significant as a share of GDP or in per capita terms Lebanon, Lesotho, Tajikistan and Tonga are examples.

Even Germany s GDP declined in quarterly terms in the first half of the year. Finland, a staunch supporter of firm austerity policies, is in negative territory for the first half of the year.

But Japan would close the 30 gap (adjusted for purchasing power parity) between its per capita GDP and that of the US. The prevailing belief was that, by 2015 or so, Japan s per capita GDP would more likely than not be 10 higher than in the US (in PPP terms).

China s real estate investment accounted for 10 of GDP, and slower investment growth in the sector necessarily reduces import demand, directly and indirectly. But, because the fall in import growth had yet to turn into a rout, while China s exports to Europe plummeted, China s current account surplus fell further in GDP terms in 2011.

Overall, China s trade surplus has decreased by 36 in absolute US dollar terms, and has dropped by more than half (53 ) in proportion to GDP over the past two years. So the ratio of China s current account surplus to GDP is down to 4.6 , significantly below the recent peak of 11.3 , reached in 2007.

The benefits of lifting economic sanctions on Liberia are obvious in terms of creating employment, kick starting the rural economy, maintaining roads and contributing to social services and GDP, among other things.

Per capita GDP, which reflects a country s average labor productivity and its overall technological and industrial achievement, is a useful proxy to estimate latecomer s advantage. That is, the per capita GDP gap between China and developed countries essentially reflects the gap between them in terms of overall technological and industrial achievement.

In economic terms, the world is entering an era of diminished expectations. If, as predicted, average annual GDP growth amounts to 3 in the foreseeable future, it will take 25 years for the world economy to double in size ten years longer than it took before the global economic crisis, when average GDP growth stood at 5 .

As a result, their rankings of different countries economies can vary widely. Liberia is Sub Saharan Africa s second poorest, seventh poorest, or 22nd poorest country in terms of GDP, depending on which authority you consult.

GDP link was also introduced to allow extra payments in case actual real GDP exceeded the base case GDP as projected by the Argentine Government.

I'm in awe of their power in terms of imagination, in terms of technology, in terms of concept.

Growth in per capita GDP

In light of China s rapid economic growth and the renminbi s growing strength, Chinese GDP (based on the market dollar rate) will likely exceed that of the US much earlier than expected, possibly in 10 15 years. And, when measured in terms of purchasing power parity, China s GDP will reach that of the US around 2015, thus changing the world s balance of economic power.

Creating viable institutions for managing public debt in a democracy is difficult. The mechanisms currently on offer are treaty based, constitutional, and statutory debt ceilings, pegged as a ratio of GDP, or, as in the US, established in nominal terms.

Since NAFTA, Mexican real GDP has grown at 3.6 per year, and exports have boomed, going from 10 of GDP in 1990 and 17 of GDP in 1999 to 28 of GDP today. Next year, Mexico s real exports will be five times what they were in 1990.

In economic terms, the cost of poor health at the outset of the twentieth century was an astounding 32 of global GDP. Today, it is down to about 11 , and by 2050 it will be half that.

Last in Europe GDP per capita.

The Black Hole in America s GDP

For all of our lives, my generation has defined success in terms of rising GDP growth more money in more pockets, more resources for public programs, and more jobs. None of these will necessarily be a measure of future success.

It involves increasing the value added tax while cutting payroll taxes. Our recent research demonstrates that such a fiscal devaluation has very similar effects on the economy in terms of its impact on GDP, consumption, employment, and inflation.

They have needs which have to be met efficiently in terms of energy, in terms of cost, in terms of quality.

Country A, in 1990, had about 300 per capita GDP as compared with Country B, which had 460 in per capita GDP.

In a recent paper, Mark Kamstra and I proposed that governments issue shares in their GDP, with each share amounting to a trillionth of GDP. These trills would help individual countries manage their GDP risks.

According to IMF figures, Greece s never ending crisis has cut per capita GDP (in terms of purchasing power parity) by 10 since 2010, and by 18 since 2007. Indeed, Greece may have dropped out of the high income category in recent years.

As a result, the US current account deficit in 2013 had narrowed by half in dollar terms from its 2006 peak, and from 5.8 of GDP to 2.4 . This is a decline of two thirds when expressed as a share of global output.

Making matters worse, China s corporate debt is already the highest in the world, both in absolute terms and relative to GDP. In this context, increasing investment would not only reduce capital efficiency further it would also heighten the risk implied by companies high leverage ratios.

Insurance companies have not penetrated many of the regions that suffered the greatest losses. According to a study by the Insurance Information Institute, expenditures on non life insurance in 2003 amounted to only 0.83 of GDP in Indonesia, 1.19 of GDP in Thailand, and 0.62 of GDP in India, compared with 5.23 of GDP in the United States.

Although China s total real GDP is second only to that of the United States (and might be larger when measured in terms of purchasing power), its per capita income is only about 7,000, or roughly 15 of the US level. And consumption remains low only about 50 of GDP when government spending is included, and just 35 when limited to household consumer spending.

BERKELEY In 1950, finance and insurance in the United States accounted for 2.8 of GDP, according to US Department of Commerce estimates. By 1960, that share had grown to 3.8 of GDP, and reached 6 of GDP in 1990.

Its per capita GDP exceeds 22,000 in purchasing power parity terms, making its income higher than that of Argentina, Brazil, and Mexico. It s no surprise that Chile is considered a developed country the only South American member of the OECD.

Public finances showed a 2.8 of GDP surplus in 2008, compared to a 1.4 of GDP deficit in 2000 2005. Savings rates are between 10 and 20 , and external debt has decreased from 110 of GDP in 2005 to 21 in 2008.

GDP per capita in 2001 was KM 2,559.00.

Thus, the economic stimulus provided by the German state budget will amount to 4.4 of GDP in 2009. In the United States, the budget deficit in 2008 stood at 5.8 of GDP, and, according to the same OECD forecast, will amount to 10.2 of GDP in 2009, which translates into exactly the same economic stimulus as in Germany, 4.4 of GDP.

They could be creative in terms of education, they may be creative in terms of culture, they may be creative in terms of institutions but a lot of our work is in the field of technological creativity, the innovations, either in terms of contemporary innovations, or in terms of traditional knowledge.

China s economy has certainly become more unstable, with major slowdowns in real GDP growth in 2009 and again in 2012. Its imbalances have gotten worse as well, with the investment share of GDP approaching 50 and private consumption falling below 35 of GDP.

According to recent UNCTAD estimates, the cumulative economic opportunity cost in terms of loss of potential income over the period 2000 2004 is estimated to be 6.4 billion (1997 dollars), or 140 per cent the size of the Palestinian GDP before 2000.