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Home , Gross domestic product

1 SECTION

Gross Domestic Product

ross domestic product (GDP) is a measure of a country’s economic . GDP per capita and GDP Gper employed person are related indicators that provide a general picture of a country’s well-being. GDP per capita is an indicator of overall in a country, and GDP per employed person is a general indicator of productivity.

8 CHARTING INTERNATIONAL LABOR COMPARISONS | SEPTEMBER 2012 U.S. BUREAU OF LABOR STATISTICS | www.bls.gov Gross domestic product, selected countries, in U.S. dollars, 2010

United States

Japan CHART 1.1 Gross domestic product (GDP) was more than 14 trillion dollars in the South and exceeded 4 trillion dollars in only three other countries: China, , and India.  In addition to China and India, other large emerging , such as Brazil and Mexico, were among the 10 largest countries in terms of GDP.  The GDP of the United Ireland States was roughly 5 times larger than that of Germany, 10 times larger than that of , 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Trillions of 2010 U.S. dollars and 40 times larger than that of the Philippines. NOTE: GDP is converted to U.S. dollars using purchasing power parities (PPP). See section notes. SOURCES: U.S. Bureau of Labor Statistics and The .

U.S. BUREAU OF LABOR STATISTICS | www.bls.gov SEPTEMBER 2012 | CHARTING INTERNATIONAL LABOR COMPARISONS 9 Share of world gross domestic product, selected economies, 1990–2010 Percent 100 CHART 1.2 China’s share 90 of world gross

domestic Rest of world product (GDP) 80 increased steadily during 70 the past two decades, from

approximately 60 5 percent in 1990 to 15 percent in 50 2010. By 2001, China’s GDP had surpassed 40 Japan’s.

30  As a percent of total United States world GDP, the United States, Europe, and Japan 20 each declined slightly over the last two decades,

largely because of China’s China growth. 10

 The rest of the world’s Japan

share of world GDP 0 changed little throughout 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

the 1990s, but grew NOTE: Europe includes Austria, Belgium, , Denmark, Finland, France, Germany, Greece, , Ireland, Italy, steadily from 2000 to 2010. , , Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. SOURCE: The Conference Board.

10 CHARTING INTERNATIONAL LABOR COMPARISONS | SEPTEMBER 2012 U.S. BUREAU OF LABOR STATISTICS | www.bls.gov Manufacturing output as a percent of gross domestic product, selected economies, 1970–2010 Percent 45 CHART 1.3 Between 1970

40 and 2010, the manufacturing sector’s China 35 share of gross domestic product (GDP)

30 declined at about the same Japan rate in Japan,

25 the , and the

European Union United States.

20  From 2009 to 2010, after several years of overall decline, United States 15 manufacturing output increased as a share of GDP in Japan, the

10 European Union, and the United States.

 In China, manufacturing

5 output as a share of GDP decreased from a peak of more than 40 percent in the late 1970s to less 0 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 than 30 percent in 2010.

SOURCES: U.S. Bureau of Labor Statistics and The World Bank.

U.S. BUREAU OF LABOR STATISTICS | www.bls.gov SEPTEMBER 2012 | CHARTING INTERNATIONAL LABOR COMPARISONS 11 Gross domestic product per capita and per employed person, selected countries, in U.S. dollars, 2010

Norway CHART 1.4 United States Gross domestic Ireland product (GDP) Belgium per capita in France the United Austria

States was Italy

approximately Netherlands

six times larger Sweden than the GDP Australia per capita in China. Finland Canada

 Norway had the highest United Kingdom GDP per capita and per Spain

employed person. Denmark

 Countries with the Germany

lowest employment- Japan population ratios (see Slovakia chart 2.5), such as South Korea Belgium, Hungary, and Italy, had relatively larger Czech Republic gaps between GDP per Hungary

capita and per employed Poland person. Mexico  GDP per employed person  GDP per capita Brazil

China

0 25,000 50,000 75,000 100,000 125,000

2010 U.S. dollars

SOURCES: U.S. Bureau of Labor Statistics and The World Bank.

12 CHARTING INTERNATIONAL LABOR COMPARISONS | SEPTEMBER 2012 U.S. BUREAU OF LABOR STATISTICS | www.bls.gov Section 1 Notes GROSS DOMESTIC PRODUCT

Sources Definitions Gross domestic product (GDP) data for most Gross domestic product (GDP) is the of countries are based on the BLS report International all goods and services produced in a country. GDP Comparisons of GDP per Capita and per Hour, per capita is GDP divided by population and is a 1960–2010. GDP data for the remaining countries rough measure of a country’s overall wealth. GDP and all purchasing power parities (PPP) are based on per employed person is GDP divided by the number data in the World Bank database World Development of employed persons and is a rough measure of a Indicators. A country or region’s share of world GDP country’s productivity. Purchasing power parities (PPP) (chart 1.2) is based on data in The Conference Board are currency conversion rates that allow output Total Database. in different currency units to be expressed in a Each country prepares GDP measures in accordance common unit of value. A PPP is the ratio between with principles. To make the number of units of a country’s currency and international comparisons of levels of GDP, GDP the number of U.S. dollars required to purchase an per capita, and GDP per employed person, it is equivalent basket of goods and services within each necessary to express GDP in a common currency respective country.  unit. BLS converts GDP from national currency units to U.S. dollars through the use of PPP.

U.S. BUREAU OF LABOR STATISTICS | www.bls.gov SEPTEMBER 2012 | CHARTING INTERNATIONAL LABOR COMPARISONS 13