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What the GDP Indicator Does Not Reveal in Economic Analyses (in English)
Authors:
Růžena Vintrová
JEL classification:
O11
Keywords:
statistical paradoxes, real convergence, gross domestic product, qualitative changes, real gross domestic income, terms of trade
Abstract
In real terms, gross-domestic-product indicators do not record a country?s trading gain or loss. The real growth of gross domestic income, which include terms-of-trade changes, were approximately one percentage point higher than the GDP growth rates of the Czech Republic and belonged among the fastest in central Europe. Moreover, real GDP growth does not accurately express the development of real convergence.