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What is Gross Domestic Product (GDP)?

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This video defines the value-added GDP and details how it is measured. Transcript: http://www.statcan.gc.ca/eng/sc/video/gdp
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Text Comments (13)
framedheart (8 months ago)
It would be better without music
Tao Bal (6 months ago)
you are right
Justin Sandolph (1 year ago)
I just don't get it
Statistics Canada (1 year ago)
There are two additional resources we can suggest if you would like more information on GDP: User Guide: Canadian System of Macroeconomic Accounts (section 4 Supply & use accounts may be of particular use to you) http://ow.ly/ERJc30ejIu6 Gross domestic product (GDP) http://ow.ly/8SAL30ejIxM
Manish S Thingalaya (1 year ago)
valuable information
Conservative Liberal (1 year ago)
very nice video
Statistics Canada (1 year ago)
Thank you!
Sergio Milho (2 years ago)
Should you add electricity
Statistics Canada (2 years ago)
Yes, indeed, electricity, as well as many other goods and services would be part of the process of manufacturing. The video only includes the products for car parts, steel and iron ore to illustrate the concept of a supply chain and intermediate consumption. In reality, there are hundreds of intermediate products used in the manufacturing of automobiles, hundred more used in the manufacturing of car parts and so on.
Sergio Milho (2 years ago)
as part of the process of manufacturing
Kelly Green (2 years ago)
What homemakers (mostly women) do at home (work such as food preparation, cleaning, childcare, etc.) is not counted as part of the GDP. Hence these (mostly) women officially count for nothing in our economy! Too bad StatCan does not present a video about that!
Beef Tenderloin (2 years ago)
The value goes way beyond that of GDP. The ability to raise your family with your own values rather than farming your children off to a 3rd party is priceless. That being said, it should not be included in GDP but rather a different form of measurement. The GDP is flawed... it measures quantity of transactions rather than quality.
John Matallana (2 years ago)
+Kelly Green well it did say it was an estimate therefore not 100% accurate. Homemakers are also usually not paid, another reason you probably will not find them counted as part of the GDP. Now that is not to say the homemaker is not a full time job however it does not provide a service to anyone else other than the individuals household. Certainly if a spouse should or is a full time homemaker, she/he should receive some sort compensation from the household income provider. Ofcourse this would be considered more of an internal issue.

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