Most readers who have studied economics, of course, know the GDP indicator - what it is. The purpose of this article is to refresh the significance of this measure of the work of the state economy. Simon Smith Kuznets, a native of the city of Pinsk (Minsk province), an American economist, and a 1971 Nobel Prize laureate, introduced him into economic science. The indicator he created (in English GDP) was proposed for use in 1934. It is promising, currently widely used in the world.
Economic essence of GDP (GDP)
What can be said about the economic nature of GDP? That this is a set of services and goods produced during the year in the state, expressed at their market value. In simple terms, this is all that a country produces in a year. This indicator is calculated according to special formulas in three ways: by value added, by income, by expenses.
Starting the conversation about the methodology of this macroeconomic parameter, we recall that its dynamics are reflected in
nominal GDP (estimate - in current year prices) and real GDP (in previous year prices). Obviously, the real indicator, in contrast to the nominal one, if we discard the inflation factor, demonstrates economic growth due to the development of production.
The ratio (in the form of a fraction), where in the numerator is nominal and in the denominator is real, is called the GDP deflator, used by statistical agencies to evaluate production in the country's economy.
Finishing the answer to the question: “What is the GDP methodology?”, We show two more types of this parameter: potential (if production works in full employment) and actual (unrounded, in vivo). Figuratively speaking, they characterize the “safety margin”.
Russian GDP dynamics
According to official statistics from Rosstat, in 2013 there was a slower growth in Russia's GDP compared to last year. The reason is the intensification of the global economic crisis, and as a result, the deterioration in oil prices. What does this mean according to official information? The decrease in GDP growth compared with the previous year - from 3.4% to 1.3%. If we speak in absolute figures, then in 2013 the nominal GDP amounted to 66,689 trillion rubles. According to this indicator, the Russian economy is the fifth in the world. According to the results of 2013, agriculture and forestry developed most dynamically in the national economy - 3.2%.
Output
This economic macro-indicator in its absolute expression does not show what type of economy generates it. To determine this, it is necessary to analyze its internal structure in more detail. If we consider the share in Russia's GDP regarding various sectors, we will see that oil and gas make up 28-30% in it, and machine-building products - less than 5%. Reserves of development are obvious. Due to the predominance of commodity products, the nominal GDP of Russia is dependent on oil and gas prices. Forecasts for the development of the country's engineering complex are promising. They stabilize its nominal indicator and make it insensitive to market fluctuations in raw material prices. Further development of the economy should lead to an increase in the share of engineering products. In the future, a series of articles that more fully answer the question: “GDP, what is this?” Will be continued.