Economics Real Vs Nominal Gdp Questions
The difference between GDP and GVA growth rate per capita growth rate lies in the specific measures they represent. GDP (Gross Domestic Product) measures the total value of all goods and services produced within a country's borders, while GVA (Gross Value Added) measures the value added by each individual producer or sector in the economy.
The GDP growth rate per capita measures the average increase in the total value of goods and services produced per person in a country over a specific period of time. It takes into account both the growth in GDP and changes in population size.
On the other hand, the GVA growth rate per capita measures the average increase in the value added by each individual producer or sector per person in a country over a specific period of time. It focuses on the productivity and efficiency of individual producers or sectors within the economy.
In summary, while GDP growth rate per capita reflects the overall economic performance of a country, GVA growth rate per capita provides a more detailed analysis of the productivity and efficiency of individual producers or sectors within the economy.