Definition
The rate of growth of the gross domestic product (GDP) is an important indicator of the economic competitiveness of a country. The gross domestic product (GDP) is the final value of the goods and services that were produced within the geographic boundaries of a country during a specified period of time (generally, a year). These goods and services are produced exclusively by the residents of the reporting country, including local firms and foreign companies that operate within the geographic boundaries of the country through local subsidiaries. Various methods are used to measure GDP. According to the expenditure method, GDP has four components, as follows: (a) personal consumption expenditure; (b) investment expenditure, which is the total amount of money invested by firms in new plants, equipment, buildings, and other assets; (c) government spending; and (d) net exports (i.e., exports minus imports).
According to this definition, production (and products and services that...
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Dumitriu, C. (2020). Economic Growth and Long-Term Competitiveness: Contribution of the Private Sector. In: Leal Filho, W., Azul, A.M., Brandli, L., özuyar, P.G., Wall, T. (eds) Responsible Consumption and Production. Encyclopedia of the UN Sustainable Development Goals. Springer, Cham. https://doi.org/10.1007/978-3-319-95726-5_46
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