| Definition | Gross Domestic Product (GDP) - the total output of goods and services for final use produced by an economy, by both residents and non-residents, regardless of the allocation to domestic and foreign claims. It does not include deductions for depreciation of physical capital or depletion and degradation of natural resources.
Purchasing Power Parity (PPP) - A rate of exchange that accounts for price differences across countries allowing international comparisons of real output and incomes. At the PPP US$ rate, PPP US$1 has the same purchasing power in the domestic economy as $1 has in the United States. |
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