What does GDP per capita per person stand for?

GDP per capita is a measure of average output per person in a country. It means GDP per head of the population. To get the GDP per capita figure, we divide the country’s GDP by its total population. Economists say that this figure is more relevant than just GDP because it shows the relative performance of an economy.

Is GDP per capita the same as household income?

The difference between GDP per capita and income per capita is that GDP per capita is derived by dividing the total population by the GDP while income is divided by the total population to arrive at income per capita. However, in practice, GDP per capita is commonly used for both measures where GDP and income is considered similar to each other. Furthermore, developed countries typically have a superior GDP per capita and income per capita compared to developing countries. Download PDF ...

How do you calculate the real GDP per person?

The real Gross Domestic Product per person, or per capita, is calculated by first adjusting the nominal GDP of a country for inflation by dividing the nominal GDP by the deflator. The adjusted number, or real GDP, is then divided by the country’s population. Determine the deflator. The deflator is determined by finding the level of inflation ...