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Real value of GDP: Purchasing Power Plus Through Terms-of-Trade Profits

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  • Wolfgang Nierhaus

Abstract

Since the introduction of the European System of Integrated Economic Accounts (ESA) 1995 in 1999, the German Federal Statistics Office has published quarterly results on the real value of gross domestic product (GDP). This article presents the latest complementary seasonally-adjusted values: on annual average the real value of GDP increased by 0.9% in 2013, but real GDP only rose by 0.4%. If we consider the seasonally and calendar-adjusted values, the real value of GDP increased by as much as 2.0%, but real GDP, by contrast, only rose by 1.4%.

Suggested Citation

  • Wolfgang Nierhaus, 2014. "Real value of GDP: Purchasing Power Plus Through Terms-of-Trade Profits," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(14), pages 27-30, July.
    • Handle: RePEc:ces:ifosdt:v:67:y:2014:i:14:p:27-30
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    References listed on IDEAS

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    1. Wolfgang Nierhaus, 2004. "Zur Einführung der Vorjahrespreisbasis in der deutschen Statistik: Besonderheiten der Quartalsrechnung," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(15), pages 14-21, August.
    2. Kohli, Ulrich, 2004. "Real GDP, real domestic income, and terms-of-trade changes," Journal of International Economics, Elsevier, vol. 62(1), pages 83-106, January.
    3. Gutmann, Pierre, 1981. "The Measurement of Terms of Trade Effects," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 27(4), pages 433-453, December.
    4. Wolfgang Nierhaus, 2013. "Real Income and Terms of Trade," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(16), pages 31-34, August.
    5. Ulrich Kohli, 2004. "An Implicit Törnqvist Index of Real GDP," Journal of Productivity Analysis, Springer, vol. 21(3), pages 337-353, May.
    6. Wolfgang Nierhaus, 2000. "Real income in the new European System of Accounts," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 53(04), pages 07-13, February.
    7. Wolfgang Nierhaus, 2006. "On aggregate price developments," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 59(03), pages 28-31, February.
    8. Wolfgang Nierhaus, 2014. "Real Value of Gross Domestic Product: Latest Results," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(03), pages 52-55, February.
    9. Pierre Gutmann, 1981. "The Measurement Of Terms Of Trade Effects," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 27(4), pages 433-453, December.
    10. Wolfgang Nierhaus, 2004. "Economic growth in the system of national accounts: the introduction of the previous-year price base in the German statistics," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(05), pages 28-34, March.
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    More about this item

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems

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