Variations in Economic Structure Measurement Issues Income and Product Account Concepts Variations in Income Levels Among Countries International Trade Structure and Trends National and Regional Differences: Convergence or persistent income gaps? Trends in the Distribution of Income

Measures of Economic Activity Stock versus flow measures Physical versus monetary measures “Real value” versus monetary value The system of Income and Product Accounts Variations in national approaches to measurement The issue of intermediate versus final production

Variations in Economic Structure Gross National Income

Global Shares of Population and Gross National Income (2003)

Structure of Production (% of GDP) Growing Inequality Hollowing of Industry Decrease in Agriculture, Services Growth

The Clark-Fisher Model of Structural Change Time Share of Output Agriculture Manufacturing Services Is This Model Inevitable?

Distribution of Gross Domestic Product (%) Why so high & why the decline? GDP = Final Sales to Government, Consumers & Investment Global Increase in Trade Note: 2003 Exports includes services

Imports/Exports ($ billions) High Income have much stronger trade in services than Low and Middle Income The U.S. Share of Services Trade is very high

Structure of Merchandise Exports (%)

Structure of Merchandise Imports (%)

Origin and Destination of Merchandise Exports (%)