Jan 25, 2019
Why the GDP matters and why it doesn’t!
Gross Domestic Product (GDP) is one of the most widely used measures of an economy’s output or production. It is defined as the total value of goods and services produced within a country’s borders in a specific time period — monthly, quarterly or annually.
GDP allow policymakers, economists and business to analyze the impact of such variables as monetary and fiscal policy, economic shocks such as a spike in oil price , as well as tax and spending plans, on the overall economy and on specific components of it.
GDP can be calculated either through the expenditure approach (the sum total of what everyone in an economy spent over a particular period) or the income approach (the total of what everyone earned).
Canada ranks 10th in the world's largest GDP. The major factors that drive Canada's growth is Oil, Gas, Mining, Manufacturing, Agriculture and Construction. Saskatchewan contributes 4 major drivers out of 6 which we should be proud of as Canadians.
To learn more how GDP affects the businesses and our lives watch this video.