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Gross world product

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Title: Gross world product  
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Gross world product

The gross world product (GWP) is the combined gross national product of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).[nb 1] In 2012, the GWP totalled approximately US$84.97 trillion in terms of purchasing power parity (PPP), and around US$71.83 trillion in nominal terms.[1] The per capita PPP GWP was approximately US$12,400.[1]

Recent global growth

The table below gives regional percentage values for overall GWP growth through 2012, and estimates for 2013 and 2014, according to the International Monetary Fund (IMF)'s 2013 World Economic Outlook database. Data is given in terms of constant year-on-year prices, based on purchasing power parity.[2][3][4][5][6]

Economic growth rates (%)
Region 2006 2007 2008 2009 2010 2011 2012 2013 2014 (est.)
World 5.1 5.2 3.0 -0.5 5.3 3.9 3.2 2.9 3.6
Advanced economies 3.0 2.7 0.6 -3.4 3.2 1.7 1.5 1.2 2.0
Eurozone 2.9 2.7 0.7 -4.1 1.9 1.5 -0.6 -0.4 1.0
USA 2.7 2.1 0.4 -2.6 3.0 1.8 2.8 1.9 2.8
Developing countries 7.9 8.3 6.0 2.8 7.5 6.2 4.9 4.5 5.1

Historical and prehistorical estimates

Average annual GWP growth rate from 1,000,000 BCE to 2011. 2011 GWP adjusted with CPI data.

In 1998, J. Bradford DeLong of the Department of Economics, U.C. Berkeley, estimated the total GWP in main years between one million years BCE and 2000 CE, as shown below.[7] The 2005, 2010 and 2012 nominal GWP estimates are also shown according to the CIA World Factbook.[1] "Billion" in the table below refers to the short scale usage of the term, where 1 billion = 1,000 million = 109.

Using this table, one can determine the following % growth rates:
Time Period Average (mean) GDP growth rate per time period Median Compounded Continuous Compounding
1,000,000 BCE to 2012 22% 22% 26% 19%
1 CE to 2012 23% 22% 21% 27%
1920 CE to 2012 27% 25% 23% 21%

Comparing these three figures, one can deduce that the long-run GWP growth rate (compounded or non-compounded) is roughly 22% per time period, excluding the outlier growth rates in pre-historical times, and taking into account time periods of historical events that caused a roughly 200% rate of growth or higher (see 1800-1850 Industrial Revolution, 1900s World War 1, etc.). In recent years the time period is 5 years, implying roughly 4% growth rate per year.

Using the Golden Ratio of Interest (GRI) rule (citation pending), we can deduce that the long-run average inflation rate is roughly 2-3%, in-line with central bank targets.
Year Nominal GWP ($ billions)
2013 74,909 [8](est. 42,028 in 1990 U.S. dollars)
2012 71,830[1] (est. 45,730 in 1990 U.S. dollars[9])
2010 62,220 (est. 41,090 in 1990 U.S. dollars)
2005 43,070 (est. 31,300 in 1990 U.S. dollars)
2000 41,016.69
1995 33,644.33
1990 27,539.57
1985 22,481.11
1980 18,818.46
1975 15,149.42
1970 12,137.94
1965 9,126.98
1960 6,855.25
1955 5,430.44
1950 4,081.81
1940 3,001.36
1930 2,253.81
1925 2,102.88
1920 1,733.67
1900 1,102.96
1875 568.08
1850 359.90
1800 175.24
1750 128.51
1700 99.80
1650 81.74
1600 77.01
1500 58.67
1400 44.92
1350 40.50
1300 32.09
1250 35.58
1200 37.44
1100 39.60
1000 35.31
900 31.68
800 25.23
700 23.44
600 20.86
500 19.92
400 18.44
350 17.93
200 18.54
14 17.50
1 18.50
200 BCE 17.00
400 BCE 16.02
500 BCE 13.72
800 BCE 9.72
1000 BCE 6.35
1600 BCE 4.36
2000 BCE 3.02
3000 BCE 1.59
4000 BCE 0.77
5000 BCE 0.51
8000 BCE 0.43
10,000 BCE 0.37
25,000 BCE 0.31
300,000 BCE 0.09
1,000,000 BCE 0.01

See also

Notes

  1. ^ See measures of national income and output for more details.

References

  1. ^ a b c d "World".  
  2. ^ Economic growth in major economic powers. IMF. World Economic Outlook. October 2009. Retrieved 28 January 2013.
  3. ^ World Economic Outlook Databases – archives. IMF. Retrieved 28 January 2013.
  4. ^ "IMF more upbeat on world economy". BBC. 26 January 2010. Retrieved 16 November 2012.
  5. ^ World Economic Outlook Update: Mild Slowdown of the Global Expansion, and Increasing Risks. IMF. 16 July 2012.
  6. ^ World Economic Outlook (October 2013). IMF. Retrieved 26 October 2013
  7. ^ Estimating World GDP, One Million B.C. – Present. J. Bradford DeLong. 24 May 1998. Retrieved 5 February 2013.
  8. ^ Gross Domestic Product 2013 The World Bank DataBank. Retrieved 24 November 2014.
  9. ^ 1990 Real GDP. MeasuringWorth. Retrieved 25 Nov 2013.

External links

  • CIA World Factbook data on GWP
  • IMF database – contains continuously updated World Economic Outlook tables and reports
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