GDP and GNI
GDP和GNI是衡量一個國家經濟績效的指標。GDP（國內生產總值）是指在一個國家境內，所有最終商品和服務的市場價值的總和。GNI（國民總收入）則是指一個國家所有居民的收入總和，包括在國內和海外賺取的收入。
兩個指標的計算方式不同，GDP計算時只考慮境內生產的價值，而GNI則包括了境內和境外收入的貢獻。因此，在國內總收入和生產總值之間存在差異時，GNI更能反映國家經濟的實際情況。
GDP和GNI都是重要的經濟指標，可用於比較國家經濟之間的表現，並有助於了解一個國家的整體經濟發展狀況。GDP和GNI的增長可以顯示國家的經濟活力和穩定性，但也有可能隱藏一些問題，如資源分配不公等。
總體來說，GDP和GNI的計算方式和應用情境不同，但都是衡量一個國家經濟實力的重要指標。在了解和比較國家經濟績效時，需要根據實際情況選擇適合的指標，並考慮多種因素的影響。
Gross domestic product (GDP)
The total value of production of all resident producing of an economy during a specified period.
Resident producing units (can be individual/organization)
They are producing units which maintain a center of predominant economic interest in that economic territory.
They have remained or intend to remain in the economic territory for at least 12 months (for individuals) or ordinarily operate in the economic territory of the economy (for organization).
Items not included in GDP
- No (current) production is involved, such as transfer payments, capital gain, financial assets, money transfers and second-hand goods.
- Not produced by resident producing units, such as imported goods and services.
- Not produced during the specified period, such as past inventories.
- Not locally produced, i.e., some intermediate goods/consumption (e.g. raw materials) are imported
- Unpaid services produced by households for self-consumption and volunteer services offered to non-profit making institutions.
- The values of illegal, unreported or non-marketed production are estimated and included in GDP, such as smuggling, production of hawkers.
Different approaches that can be used to measure GDP
Production approach
It finds the total value-added of all resident producing units in all industries.
It measures the total value of production.
Expenditure approach
It finds the total expenditure on final products produced by all resident producing units.
It measures the total expenditure.
Income approach (out-syllabus)
It finds the total income distributed to all factors of production by all resident producing units.
It measures the total factor income.
*Total value of production = Total expenditure = Total factor income
Using production approach to measure GDP
Value-added = Value of output – Value of intermediate consumption
Intermediate consumption = Inputs bought from other resident producing units which are used up during the production stage
Sum of value-added of all RPUs of an economy = GDP of the economy
GDP at market price = GDP at factor cost + Indirect tax – Subsidies
Using expenditure approach to measure GDP
GDP at market price = C + I + G + X – M
= C + I + G = NX
Private consumption expenditure (C)
The final expenditure of domestic households.
Gross investment expenditure / Gross domestic capital formation (I)
The final expenditure of domestic firms.
Gross investment expenditure = Gross fixed investment expenditure + Changes in inventories
= Depreciation + Net fixed investment expenditure + Changes in inventories
= Depreciation + Net investment expenditure
Appendix:
Gross fixed investment expenditure/Gross domestic fixed capital formation
- The expenditure of domestic firms on fixed capital such as building, construction and equipment.
Net fixed investment expenditure/Net domestic fixed capital formation
- The net change in capital goods.
Depreciation/Capital consumption allowance
- The amount of capital goods used up in production in a specified period of time.
Changes in inventories
- The change in total value of inventories held by domestic firms including raw materials, semi-finished products and unsold finished products.
Government consumption expenditure (G)
The final consumption expenditure by government departments which are not engaged in market activities.
For examples, the Fire Services Department and Education Bureau and quasi-government non-profit institutions such as Consumer Council.
Government consumption expenditure is generally measured at cost.
Government consumption expenditure is calculated as the sum of:
- Compensation paid to employees such as wages, pensions and housing benefits.
- Purchases of goods and services, less receipts from their sales since they have been recorded in C.
Exports (X)
Foreign expenditures on domestic production of goods and services.
Total exports = Exports of goods + Exports of services
= Domestic exports of goods + Re-exports of goods + Exports of
Services
Imports (M)
Domestic expenditures on foreign production of goods and services.
Total imports = Imports of goods + Imports of services
Net exports (NX)
The difference between total exports and total imports.
Net exports = Total exports – Total imports
= Net exports of goods + Net exports of services
Gross national income (GNI)/Gross national product (GNP)
The total income earned by residents of an economy from engaging in various economic activities during a specified period.
GNI = GDP + Factor income from abroad – Factor income paid abroad
= GDP + Net factor income from abroad
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DSE Econ 文章系列
Microeconomics
Macroeconomics
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- 國民收入決定及價格水平 National income determination and price level
- 貨幣與銀行 Money and Banking
- 宏觀經濟問題和政策 Macroeconomic Problems and policies
- 國際貿易和金融 International Trade and Finance
