GDP And GNP

In fact, in 1999 the productivity of workers in the goods sector rose by 2.1 and 1 in the services sector. This caused GDP for the year to be three times the levels for 1998, 1.4 compared to .5 in 1998.

GDP is said to be a useful indicator of just how well the economy is doing. In our modern economy, productivity increases can reflect improvements in a number of critical areas, such as the advancement of production techniques or the capacity to use knowledge better. Productivity also provides the foundation for improvements in a country's standard of living. Wages and salaries grow when businesses become more efficient, and higher production efficiency also allows the prices of goods and services to drop. Increased productivity is also a sign of a highly skilled labour force. This usually means management practices are improving and that the majority of the workers are using machines to produce goods.

The amount of economic output for every person in the country can also be a telling sign of how well the economy is operating. We call this GDP per capita. GDP per capita measures can help indicate the average family income, growth in Canada's GDP per capita and growth in average annual income


 
 
 
 
 
 



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