GDP in the context of "Resource intensity"

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⭐ Core Definition: GDP

Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic activity of a country or region. The major components of GDP are consumption, government spending, net exports (exports minus imports), and investment. Changing any of these factors can increase the size of the economy. For example, population growth through mass immigration can raise consumption and demand for public services, thereby contributing to GDP growth. However, GDP is not a measure of overall standard of living or well-being, as it does not account for how income is distributed among the population. A country may rank high in GDP but still experience jobless growth depending on its planned economic structure and strategies. Dividing total GDP by the population gives an idealized rough measure of GDP per capita. Several national and international economic organizations, such as the OECD and the International Monetary Fund, maintain their own definitions of GDP.

GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It serves as a statistical indicator of national development and progress. Total GDP can also be broken down into the contribution of each industry or sector of the economy. Nominal GDP is useful when comparing national economies on the international market using current exchange rate. To compare economies over time inflation can be adjusted by comparing real instead of nominal values. For cross-country comparisons, GDP figures are often adjusted for differences in the cost of living using purchasing power parity (PPP). GDP per capita at purchasing power parity can be useful for comparing living standards between nations.

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GDP in the context of Urban area

An urban area is a human settlement with a high population density and an infrastructure of built environment. Urban areas originate through urbanization, and researchers categorize them as cities, towns, conurbations or suburbs. In urbanism, the term "urban area" contrasts to rural areas such as villages and hamlets; in urban sociology or urban anthropology, it often contrasts with natural environment.

The development of earlier predecessors of modern urban areas during the urban revolution of the 4th millennium BCEled to the formation of human civilization and ultimately to modern urban planning, which along with other human activities such as exploitation of natural resources has led to a human impact on the environment.

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GDP in the context of Eco-economic decoupling

In economic and environmental fields, decoupling refers to an economy that would be able to grow without corresponding increases in environmental pressure. In many economies, increasing production (GDP) raises pressure on the environment. An economy that would be able to sustain economic growth while reducing the amount of resources such as water or fossil fuels used and delink environmental deterioration at the same time would be said to be decoupled. Environmental pressure is often measured using emissions of pollutants, and decoupling is often measured by the emission intensity of economic output.

Studies have found that absolute decoupling was rare and that only a few industrialised countries had weak decoupling of GDP from "consumption-based" CO2 production. No evidence was found of national or international economy-wide decoupling in a study in 2020. In cases where evidence of decoupling exists, one proposed explanation is the transition to a service economy. The environmental Kuznets curve is a proposed model for eco-economic decoupling.

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GDP in the context of Boom and bust

Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms.

There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth. More satisfactory classifications are provided first by including more economic indicators and second by looking for more data patterns than the two quarter definition. In the United States, the National Bureau of Economic Research oversees a Business Cycle Dating Committee that defines a recession as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."

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GDP in the context of LUKOIL Neftochim Burgas

LUKOIL Neftohim Burgas (Bulgarian: ЛУКОЙЛ Нефтохим Бургас), based in Burgas, Bulgaria, sometimes spelt "Neftochim Burgas," is one of the largest oil refineries in the Balkans and the largest industrial enterprise in Bulgaria.

Owned by Russian oil giant LUKOIL, the refinery has the biggest contribution among the privately owned enterprises to the country's GDP and to the state budget revenues. LUKOIL Neftohim Burgas is the leading producer and supplier of liquid fuels, petrochemicals and polymers for Bulgaria and the region and one of the leading companies in its field in Europe.

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