Industry Macroeconomic Conditions

Gross Domestic Product (GDP) is the primary indicator of measuring the overall health of a country’s economy. It represents the total dollar value of all final goods and services produced over a specific time.

Growth in GDP is a good measure of economic growth while growth in GDP per capita (i.e., GDP per person) is positively linked with improvements to standards of living.

The OECD compares GDP in different countries using purchasing power parities (PPPs), which are rates of currency conversion that equalise the purchasing power of different currencies by eliminating the differences in price levels between countries.

Gross value added (GVA) is a measure of the value of goods and services produced in a specific area, industry or sector of the economy. It is a good measure of economic activity.

GDP can be calculated by adding up the GVA for each industry at basic prices, plus taxes less subsidies on products (this is referred to as the production approach).

To see the overall output produced by knowledge intensive industries, use the filters to select the following industries: mining; manufacturing; information media and telecommunications; financial and insurance; and professional, scientific and technical.