Gross domestic product (GDP)

The value of all goods and services produced or rendered domestically in an economy within one year, valued at market prices and calculated according to internationally uniform rules, unless another period is specifically mentioned. It can be broken down according to the production, utilization and distribution side; included by the ECB in its monetary policy decisions in many ways as part of the two-pillar principle. – See deflation, investment ratio, recession, national income, growth. – In the respective Monthly Bulletin of the ECB, data on the expenditure side of GDP are shown in various subdivisions under the heading “Prices, output, demand and labor markets” in the annex “Euro area statistics.” See also ECB Monthly Bulletin of April 2005, p. 74 (for comparability with other countries), ECB Monthly Bulletin of December 2005, p. 59 et seq. (improvement of statistics; calculation methods), ECB Monthly Bulletin of June 2006, p. 66 et seq. (reliability level of estimates; with overviews), ECB Monthly Bulletin of October 2006, p. 55 (projection of rate of change to 2050 based on various variables), Deutsche Bundesbank Annual Report 2006, p. 45 (overviews 2000-2006), ECB Monthly Bulletin of November 2006, pp. 83 ff. (new introduction of quarterly sector accounts; detailed presentation with overviews), ECB Monthly Bulletin of March 2008, p. 73 (contributions to GDP growth), ECB Monthly Bulletin of April 2009, pp. 93 ff. (GDP estimates in the euro area; problems; overviews), ECB Monthly Bulletin of April 2011, pp. 52 ff. (important explanations of the calculation; overviews).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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