what is per capita gross domestic product
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The per capita gross domestic product (GDP) is a measure of the average economic output per person in a given country or region. It is calculated by dividing the total GDP of a country by its population. Per capita GDP helps determine the standard of living and productivity level within a particular area, and is often used to compare the economic well-being of different countries.
To calculate per capita GDP, you need two pieces of information: the total GDP and the population of a country or region. Here's how you can find this information:
1. Total GDP: GDP represents the total value of all goods and services produced within a country's borders during a specific time period, usually a year. You can find the total GDP in various sources such as national statistical agencies, international organizations like the World Bank or International Monetary Fund (IMF), or economic research institutions.
2. Population: The population can also be obtained from national statistical agencies, government reports, or reputable international sources like the United Nations or World Bank. It is important to use recent and accurate population data for an accurate per capita GDP calculation.
Once you have the total GDP and population figures, you can divide the total GDP by the population to get the per capita GDP. For example, if a country's total GDP is $1 trillion and its population is 100 million people, the per capita GDP would be $10,000 ($1 trillion divided by 100 million). This means that, on average, each person in the country is generating $10,000 worth of economic output.
Remember that per capita GDP is just one measure of economic well-being and doesn't capture other factors like income inequality, cost of living, or distribution of wealth within a country. It is often used as a broad indicator of a country's level of economic development or standard of living.