What was gdp growth in 2011

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Check out our pricing options. View pricing options. Try Now Explore our Data. Unlimited access tailored to your data needs. Request a Demo. Flexible monthly access to CEIC data. Try Now. In this post I looked at the population-wide average income. But, the question of how prosperity is shared among the population is an important one and it has been central to my research over the last years:If you are interested in this question, have a look at the short article on Vox.

Brian Nolan has edited two books on the question which were published just recently. What this research shows is that it very much differs between countries and over time who is benefiting from economic growth. While in the US, for example, most of the income gains went to the richest members of society this is not true of other countries where economic growth was widely shared among all.

The data visualized in these two charts shows that the world is not the zero-sum economy that it was in our long past. Economic growth transformed the world into a positive sum economy where more people can have access to more goods and services at the same time.

It would be wrong to focus on economic growth only. Economic growth has to be achieved at a time when we urgently have to reduce our impact on the environment.

This means that it is not only the rate of growth that matters. And many paths for growth point in a direction that does not increase our environmental damage and instead can often reduce the impact better care for the sick and elderly, better educational institutions, alternatives to meat, care for mental health, improved solar technology; all these improvements would mean more growth.

Economic growth is not the only thing that matters, but it does matter. In contrast to many of the other metrics on Our World in Data, economic growth does not matter for its own sake, but because rising prosperity is a means for many ends. It is because a person has more choices as their prosperity grows that economists care so much about growth.

Rising prosperity gives people access to a wide range of things they value: food, healthcare, access to education, entertainment, holidays, free time, and more. The concern with GDP per capita is based on the idea that rising prosperity makes for a richer life. I find the metric important because it is a measure of means only and thereby respects the freedom of everyone to choose for themselves.

It is because of this that is so important to track how incomes have changed around the world. For recent decades several international datasets on GDP are available. It is now covering more than countries and data is available from onwards. The World Bank data in constant international-dollars is available from onwards. Adjusting for the different price levels in different countries is necessary if one wants to compare living standards of people.

The international-dollar — used in the maps above — makes these comparisons possible. But if one is interested in comparing the per capita output of different economies it is useful to consider the output by simply using the exchange rates of the different currencies. The discussion above focussed mostly on output per capita, the map below shows the total output by country. There are two ways to increase output over time: Increase inputs or to increase productivity, the ratio of output to input.

How it is possible to raise productivity can be most clearly seen when one considers a single industry only. Think about the production of books: Before the printing press was invented the only way to copy a book was for a scribe to copy it.

Gregory Clark 14 estimates that the scribes who were doing this work back then were able to copy 3, words of plain text per day. This implies that the production of one copy of the Bible meant days 4. This changed fundamentally when Johannes Gutenberg adopted the technology of the screw-type wine presses of the Rhine Valley where he was from to develop a printing press.

The hours of work a printer had to put in was now measured hours rather than months. Estimates are that a worker was able to produce around 2. Over time printing presses were improved and during the Industrial Revolution they were mechanized and productivity of workers increased further.

The Internet stands in this long tradition and as texts can now be seen by millions in an instant the productivity in the business of making texts available is off the charts. The visualization below shows the rising output of the economy by industry. Each time-series is indexed to the year so that the focus here is on the change over time as all changes are relative to that year. The rising output of key industrial and service sectors is shown here. Urbanization and economic prosperity are strongly correlated as the following visualization shows.

There is a clear correlation between poverty and religiosity. In richer countries the share of the population for whom religion is very important is much lower. The visualization shows the very substantial decline in the labor force participation of men of 65 years and older in the USA since the end of the 19th century. To allow saving and facilitate transactions access to financial services is important.

We know that in poorer countries this access is often very limited. The data is very scarce on this pre, but World Bank estimates provide an additional single point for countries. The challenge is that it is not exactly the same measure as the and data, but instead a composite measure of access to a bank account and financial services. The indicator is constructed as follows: for any country with data on access from a household survey, the surveyed percentage is given.

For other countries, the percentage is constructed as a function of the estimated number and average size of bank accounts as discussed in Honohan These numbers are subject to estimation error. The use of composite measures is, of course, not ideal. However, we think it should still give a fairly reasonable basis of the early s to use as an earlier estimate and the direction of progress trends. It measures the monetary value — the price — of all goods and services produced in a country.

To allow for comparisons between countries and over time, the total economic output of a country is put in relation to the number of citizens in that country.

This is GDP per capita. The change from one year to the next is referred to as economic growth. As everyone who had a beer or a haircut ten years ago will remember the price of goods and services usually increases over time, this is called inflation and is most commonly measured with the consumer price index CPI.

Comparisons of prosperity over time are therefore only meaningful when these price changes are taken into account so that the growth rate does not capture mere changes in prices. Measures of incomes are only meaningful when they are put in relation to measures of prices that these income receivers face. When incomes are adjusted for prices economists speak of the real value of a good or service.

But since comparisons only make sense when one adjusts for price changes, it is usually the case that adjustments for inflation have been made even when it is not explicitly said. It theory these three measures should be equal; they constitute an accounting identity. Your spending is my income, and my spending is your income. In reality, average incomes and GDP per capita will not be equal.

To make meaningful comparisons of prosperity over time it is necessary to adjust for inflation. But how is this actually done? If you then find that the price of bread doubled over a period, but your employer still pays you the same income, then you can only buy half as many breads from your income and your income in terms of bread has halved.

A halving of your income in terms of bread is your income adjusted for the inflation of bread prices. But to measure prices by relying on one product only has the obvious problem that you could end up picking a product that was not representative of the price changes of all the other products and services that consumers want to buy.

While the price of bread may have increased, the prices of the majority of other goods could have decreased. The idea for inflation adjustment for incomes is therefore to instead rely on a commodity bundle of goods and services that are representative of the consumption of the average household. By relying on a representative commodity bundle instead of bread alone allows you to adjust incomes not only for bread, but for the cost-of-living more broadly.

The basket used is chosen to reflect the expenditure of the typical household, so that changes of this bundle measure the changes to prices the typical consumer faces. What we are interested in is the price change of this bundle of good over time and the history of prices is then expressed in an index called the Consumer Price Index , which is indexed to for a chosen base year.

As consumption differs in different countries, these household consumption baskets vary from country-to-country and over time as new technologies emerge which make new goods and services available and because consumption preferences change. Only incomes in relation to prices gives us an idea about how the prosperity of a population changes.

Incomes on their own or prices on their own cannot give us an idea about changing prosperity. The prices that we see on the price tags in the shop are the nominal prices and since we almost always have some inflation these prices tend to go up. The inflation adjustment of income is done by expressing income relative to the price of a commodity bundle such as the one described before.

The nominal income relative to the nominal price level as measured by the CPI is the real income. The index that measures the typical consumption bundle of goods and services in the UK has a value of in and a value of 0. But over the same period the nominal weekly wages paid in the UK economy increased as well.

This is a fold increase. To calculate the real increase in wages we need to look at the nominal wage increase in relation to the nominal price increase. This tells us that average real wages are If their great-great-grandfathers in had to work for a year to buy a representative consumption bundle, Brits today have to work for only a bit more than a month to buy the comparable bundle of goods and services. It is not just prices that change over time.

The very products and services that we produce and buy change. Technological progress has meant that the goods and services available today are invariably superior to those available several hundred years ago, with almost no example to the contrary. The introduction of new goods and services creates serious problems for intertemporal comparisons of wealth that are most relevant today; it is less of a problem for the long pre-modern world when almost all economic production consisted of food, shelter and clothing.

To emphasize this point consider the following example: In the richest man in the world was probably Nathan Rothschild. Rothschild could afford whatever he wanted — every good and service available in the world of Yet in that same year, the 56 year old died of an infection that is curable today by antibiotics, which are available around the world for even the poorest people today.

There are also products whose quality is complex, multi-dimensional and hard to measure, such as medical services, educational services, research activities and financial services.

Difficulties also arise in 1. Evidence and references in support of the claims presented in this Summary are presented in a companion technical report. Under-estimating quality improvements is equivalent to over-estimating the rate of inflation, and therefore to underestimating real income.

For instance, in the mids, a report reviewing the measurement of inflation in the United States Boskin Commission Report estimated that insufficient accounting for quality improvements in goods and services had led to an annual overestimation of inflation by 0. This led to a series of changes to the US consumer price index. Instead of looking at price adjustment for incomes, we can also look at price adjustments for output.

Nominal GDP is a measure of the value of output produced in a country or region over a specified period usually one year. The value of output is composed of two factors: the volume produced and the price, , where represents the price of output and represents the volume of output. Therefore increases to GDP are either the result of more output, higher prices or a combination of the two.

When looking at the performance of a single economy over time it is important that we control for price effects since they can mask changes to the value of output.