What is Gross
Domestic Product ? Gross Domestic Product (GDP) is the total income earned by
all sectors in the economics within a country. It also known as national output
because we believe that the total income that a country gets is derived from
the total output produced in the country. National output includes goods and
services produced by citizen-supplied and foreign-supplied resources in a
country. How to calculate Gross Domestic Product? There are three ways to
determine Gross Domestic Product which are expenditure approach, output
approach and income approach. These three methods give the same result of Gross
Domestic Product.
Let compare the
Gross Domestic Product of Malaysia between the year 2011 and the year 2012.
According to the data from World Bank, the Gross Domestic Product of Malaysia
in the year 2011 and year 2012 are US $ 287.934 billions and US $ 303.526
billions respectively. This shows that there is a difference of US $ 15.592
billions. We can assume that the goods and services produced in the year 2012
have increased significantly and the amount of net export has increased. The
increase in Gross Domestic Product is a good trend for Malaysia because
Malaysia gets more national income in the year 2012 compare to the year 2011.
Thus, Malaysia can spend more in the year 2012.
Reference :
Table of Gross
Domestic Product of Malaysia
Chart of Gross
Domestic Product of Malaysia
Wrote by
Yap Yeow Phing
Very clear explanation, well done.
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ReplyDeleteGood explanation....
ReplyDeletewao,what a perfects specific details....good...gorgeus
ReplyDeletevery detail, good work.
ReplyDeleteis GDP accurate??
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DeleteWell Done
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