Business cycle dating committee recession definition


A country with a higher level of GDP per capita is considered to be better off in economic terms than a country with a lower level.

GDP differs from gross national product (GNP), which includes all final goods and services produced by resources owned by that country’s residents, whether located in the country or elsewhere.

In 1991 the United States substituted GDP for GNP as its main measure of economic output.

The Great Recession in the United States was a severe financial crisis combined with a deep recession.

Each country prepares and publishes its own GDP data regularly.