Gross ‘World’ Product – total GNP of each country
Gross ‘World’ National Income – this is GDP plus net remittances from abraod. That is money which is earned abroad and sent back to family members minus remittances sent out of the country. In some developing countries this can amount to some 10% of GDP.
The actual figures:
Gross ‘World’ Product – US$63,242bn – 2010
Gross ‘World’ National Income – US$76,296 – 2010
PPP = Purchasing Power Parity which focuses on establishing a value of the goods and services that can be purchased using one unit of each currency.
Sone interesting things to note from the table:
– 48% of world output occured in just 5 nations
– Of those 5 nations they have 44.7% of the world’s population
– In 2010 China, India, Brazil, Turkey and Indonesia all increased their percentage contribution to global production.
– Italy and the UK experienced the greatest fall in (0.2%) in their contribution to global output.
– Although China is approaching the USA with regard to global output but is lagging when you consider GDP/Person
Regional Break-up of global GDP from the above table
Asia and Oceania – 30.9%
North and Central America – 23%
Europe – 21.4%
South America – 3.6%
Africa – 0%
Source: Updated Economics 2013 Edition