COMPARATIVE ANALYSIS OF THE GDP STRUCTURE OF THE G7 COUNTRIES: ECONOMIC DEVELOPMENTS AND TRENDS

Abstract

This research article will examine the gross domestic product (GDP), which is one of the most widely used indicators of national economic performance. GDP represents the total output of a national economy over a specified period, with seasonal fluctuations duly adjusted. The most comprehensive measure of GDP is also adjusted for inflation, thereby enabling the assessment of changes in output rather than changes in the prices of goods and services. The significance of this indicator can be demonstrated by the fact that GDP is frequently employed to assess the relative size of national economies. Governments, financial market participants, and business leaders are most interested in changes in GDP over time, as reflected in annual growth or decline rates, because this allows them to make assumptions and develop plans for the future. The government uses previous years' GDP figures to formulate policies on interest rates, taxes, and trade policy. The study of GDP in the G7 countries is particularly important and relevant, as these countries represent the central government of the whole world, have a great influence on the economy, discuss global problems and develop solutions in the shortest possible time. The object of the study is the 7 members of the G7, namely: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, while the subject is the basic indicators of the national economy of each individual country, analysed in the dynamics over the past 10 years.