2.  First of all – GDP might be inaccurate.

4.  These mistakes can be accidental or ‘accidental’.

5.  After all the stock market trouble, China’s GDP growth is still a healthy looking 6.9%.  But as all commentators know, China’s official figures are not worth the paper they are written on. Danny Gabay at Fathom thinks China’s actual growth rate is 3%, and the rate cut late on Friday night suggests he is right.

9.  The previous slide shows the enormous African country of Chad. It has 11 million people, 40% literacy rate, two official languages, 120 other languages and dialects and very few trained economists. It is overwhelmingly likely that GDP figures will have some inaccuracies.

11.  Inaccurate – why?  Black market.  Statistical errors.  Political interference in the GDP results.  Populations change.

13.  America spent $109 billion in 2010 on illicit marijuana, cocaine, methamphetamine, and heroin, according to new (and very rough) estimates from the RAND Corp. prepared for the White House.  To put that number in perspective: It’s more than is spent at furniture stores ($90 billion) or electronics and appliance retailers ($101 billion) annually, according to U.S. Census data.

16.  Babysitting,  Casual labour.

17.  GDP calculations ignore the value of home produced products.

18.  Transfer of money by a foreign worker to an individual in his/her home country.

19.  232 million. That’s the number of people in the world who are considered international migrant workers. Or put another way, 3.1 percent of the global population.international migrant workers

21.  GDP per capita may be inaccurate if population figures are out of date.

22.  GDP per capita may be inaccurate if population figures are out of date. This is more likely to affect LEDC countries with faster growing populations and less accurate censuses.  YearPopulation  19628,636,300  196910,942,705  197915,327,061  198921,448,774  199928,686,607  200938,610,097

23.  Real  Real GDP measures the volume of the goods and services produced. This can be calculated by taking the Nominal GDP and dividing by the changes in the price level.  Nominal  Nominal GDP measures the value of the goods and services produced in a country at current prices.