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An Introduction to GDP

Graham Watson

23rd August 2017

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A brief look at GDP courtesy of the IMF - but be careful! Whilst this is only an introduction, there are one or two oversights

Good students might spot them, but for the novices, I don't think that there's enough stress on GDP only being 'newly produced' 'final' goods and services. The sale of a second hand car doesn't add the sales value of the car to GDP, however, if the dealer has 'added' value in some way, perhaps by servicing the car, then this would be included.

IMF Video - What is GDP?

Forecast growth for GDP in 2017 (Source: IMF)

  • India: 7%
  • China: 6.7%
  • Indonesia: 5.2%
  • Turkey: 3.4%
  • US: 2.2%
  • Germany: 1.8%
  • UK: 1.6%
  • France: 1.5%
  • Russia: 1.4%
  • Brazil: 0.6%
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Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to Tutor2U, reads voraciously and is interested in all aspects of Teaching and Learning.

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