Essay: Various Economic Indicators

As such economists have come up with various economic indicators through which a country can determine its economy which include among others; Gross Domestic Product (GDP), Retail Sales, Industrial Production, and Consumer Price Index (CPI).

However, GDP is the commonly used approach by most countries if not all as evidenced by the fact that it is the approved method of comparing the size of the world’s economy (Amadeo). In this regard, this paper is for expounding on Gross domestic product (GDP) method by contrasting it with other types of economic indicators that include Gross national product, Net national product, National income, Personal income and Disposable personal income.

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