About This Statistic
The statistic shows global GDP (gross domestic product) from 2010 to 2014, with projections up until 2020. In 2014, global GDP amounted to about 78.04 trillion U.S. dollars.
Gross domestic product
Gross domestic product, also known as GDP, is the accumulated value of all finished goods and services produced in a country, often measured annually. GDP is significant in determining the economic health, growth and productivity in the country, and is a stat often used when comparing several countries at a time, most likely in order to determine which country has seen the most progress. Global GDP has experienced a growth every year over the past decade with the exception of 2009.
However, a strong growth rate does not necessarily lead to all positive outcomes and often has a negative affect on inflation rates. A severe growth in GDP leads to less unemployment, however lower unemployment often leads to higher inflation rates due to demand increasing at a much higher rate than supply and as a result prices rise accordingly. Despite a relatively high global GDP growth, unemployment only marginally changed over the course of 5 years and is forecasted to remain stagnant going into 2017. Unemployment, however, is often difficult to predict, primarily now since most economies are still recovering from the 2008 global financial crisis.