Economic indicators of development

Several indicators measure the economic factors that contribute to a society's level of development. These measure include-

1. Gross Domestic Production (GDP)

2. Gross Value Addition (GVA)

3. Purchasing Power Parity (PPP)

4. Gross National Product (GNP)

5. Index of Industrial Production (IIP)

6. Wholesale Price Index (WPI)

7. Producer Price Index (PPI)

8. Consumer Price Index (CPI)

1.Gross Domestic Production (GDP): GDP is a monetary measure of the market value of all the final goods & services produced in a economic year in a country.

GDP = Consumption + Government Expenditure + Investment + (Export – Import)

2.Gross Value Addition (GVA): GVA is the measure of the value of goods & services produced in an area, industry or sector of an economy.

GVA = GDP + Subsidies – (direct, sale) taxes

3.Purchasing Power Parity (PPP): PPP is an economic theory that compare different countries currencies through a basket of good approach.

4.Gross National Product (GNP): GNP is the total value of goods produced & services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investment.

5.Index of Industrial Index (IIP): IIP is an index for India which details out the growth of various sectors in an economy such as mineral mining, electricity & manufacturing.

6.Wholesale Price Index (WPI): WPI is the price of a representative basket of wholesale goods.

7.Producer Price Index (CPI): PPI is a price index that measures the average changes in prices received by domestic producers for their output.

8.Consumer Price Index (CPI): CPI is a price index that measures the changes in the price level of market basket of consumer goods & services purchased by households.

Indicators of Economic Development

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