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48-593: The region of Central Macedonia is situated in Northern Greece , bordering the regions of Western Macedonia (west), Thessaly (south), Eastern Macedonia and Thrace (east), and bounded to the north at the international borders of Greece by the Republic of North Macedonia and Bulgaria . The southern part is coastal and is bathed by the Thermaic , Toroneos , Singitic and Strymonic gulfs. The largest city and capital of

96-506: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way

144-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from

192-515: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if

240-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in

288-522: A measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by a country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in

336-444: A total population of 3,590,187 inhabitants. GDP per capita Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as

384-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by

432-471: Is also home to Mount Athos, which is an important center of religious tourism. Pieria combines extensive plains, high mountains and sandy beaches and the region's beauty gives it a great potential for further tourist development. It is estimated that 10,000 people climb Mount Olympus each year, most of them reaching only the Skolio summit. Most climbs of Mount Olympus start from the town of Litochoro , which took

480-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring

528-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by

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576-471: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much

624-469: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities

672-514: Is home to numerous notable Byzantine monuments , including the Paleochristian and Byzantine monuments of Thessaloniki , a UNESCO World Heritage Site , as well as several Roman , Ottoman and Sephardic Jewish structures. Apart from being the cultural center of Macedonia, Thessaloniki is also a hub for urban tourism and gastronomy . Northern Greece Northern Greece ( Greek : Βόρεια Ελλάδα , romanized :  Voreia Ellada )

720-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors

768-423: Is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of

816-450: Is not administratively part of the region, but an autonomous self-governing state under the sovereignty of Greece. The region has shrunk by 90,039 people between 2011 and 2021 , experiencing a population loss of 4.8%. The modern Greek region of Central Macedonia roughly corresponds to the ancient Greek region of Lower Macedonia , which included the center and two capitals, Aigai (Vergina) and Pella , of ancient Macedonia . Pella

864-564: Is supervised by the Decentralized Administration of Macedonia and Thrace , based in Thessaloniki . The region is based at its capital city of Thessaloniki and is divided into seven regional units (pre-Kallikratis prefectures ), Chalkidiki , Imathia , Kilkis , Pella , Pieria , Serres and Thessaloniki . These are further subdivided into 38 municipalities . Although geographically part of Central Macedonia, Mount Athos

912-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within

960-450: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP

1008-549: Is used to refer to the northern parts of Greece , and can have various definitions. The term "Northern Greece" is widely used to refer mainly to the two northern regions of Macedonia and (Western) Thrace ; thus the Thessaloniki -based Ministry of Macedonia and Thrace was known as "Ministry for Northern Greece" (Υπουργείο Βορείου Ελλάδος), and previously as the Governorate-General of Northern Greece (Γενική Διοίκηση Βορείου Ελλάδος), until 1988. The term Lower Greece

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1056-535: The OECD and the International Monetary Fund . The ratio of GDP to the total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP

1104-474: The growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as the Human Development Index or Better Life Index , as better approaches to measuring the effect of

1152-663: The Greek NUTS regions were redefined, with Voreia Ellada now encompassing Epirus instead of Thessaly. This NUTS division is not used by Greece for any administrative purposes. In linguistics , Northern Greece refers to the areas where the Northern Greek dialect is traditionally spoken, encompassing in addition to the previous regions Central Greece except for Attica , and the North Aegean , except Chios . According to 2011 Eurostat data, Voreia Ellada, as defined until 2014, had

1200-537: The United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of the concept of GDP should be distinguished from

1248-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,

1296-694: The burial sites of several kings of Macedon were found, including the tomb of Philip II of Macedon . It is also the site of an extensive royal palace. The archaeological museum of Vergina was built to house all the artifacts found at the site and is one of the most important museums in Greece. Pella , which replaced Aigai as the capital of Macedon in the fourth century BC, is also located in Central Macedonia, as well as Dion in Pieria and Amphipolis . These are important destinations for cultural tourism . Thessaloniki

1344-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP

1392-692: The ecclesiastical domain, where the dioceses of the "New Lands" de jure still adhere to the Patriarchate of Constantinople , but are de facto under the Church of Greece . Voreia Ellada is also one of the four Greek NUTS regions, created for statistical purposes by the European Union . Until 2014, it encompassed the four administrative regions Eastern Macedonia and Thrace , Central Macedonia , West Macedonia and Thessaly . Coming into effect in January 2015,

1440-540: The economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as

1488-469: The estuaries and the shores of the urban complex of Thessaloniki). The region was established in the 1987 administrative reform as the Central Macedonia Region ( Greek : Περιφέρεια Κεντρικής Μακεδονίας , romanized :  Periféria Kentrikís Makedonías ). With the 2010 Kallikratis plan , its powers and authority were redefined and extended. Along with Eastern Macedonia and Thrace , it

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1536-492: The history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In

1584-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income

1632-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by

1680-538: The name City of Gods because of its location at the foot of the mountain. Central Macedonia is home to the ancient city of Aigai (modern day Vergina ), one of Greece's 18 UNESCO World Heritage sites , which was the first capital of ancient Greek kingdom of Macedon . In 336 BC Philip II was assassinated in Aigai's theatre and his son, Alexander the Great , was proclaimed king. The most important recent finds were made in 1977 when

1728-460: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from

1776-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to

1824-503: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value

1872-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as

1920-468: The region is Thessaloniki . Serres is the second most populous city, followed by Katerini , Veria and Giannitsa . Central Macedonia is basically lowland and, with many rivers, is highly developed, both in the primary and the secondary sectors. The largest plain in Greece is situated in Central Macedonia. Thessaloniki , the metropolis of Macedonia , is Greece's second largest city. The highest mountains of

1968-873: The region of Central Macedonia are Mount Olympus (2,918 m.), Voras Mountains (2,524 m.), Pierian Mountains (2,193 m.), Vermio Mountains (2,065 m.) and Mount Athos (2,033 m.). The largest rivers are the Haliacmon , the Axios , the Loudias and the Gallikos (Echedoros) , which all flow into the Thermaic Gulf , creating the Axios-Loudias-Aliakmonas National Park . Koroneia , Volvi , Doiran and Kerkini lakes are situated in Central Macedonia. The coasts are continuous, smooth, sandy and suitable for swimming (except

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2016-573: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020

2064-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of

2112-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference

2160-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within

2208-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give

2256-602: Was mentioned in 16th century western correspondence when the region was under Ottoman rule, it included Northern Epirus and Western Macedonia . The term Northern Greece may also, according to context, incorporate the region Epirus . When Epirus is included, it is broadly coterminous with the "New Lands" (Νέες Χώρες), i.e. the territories added to the Kingdom of Greece after the Balkan Wars of 1912–13, as opposed to pre-1912 "Old Greece" (Παλαιά Ελλάδα). This distinction survives in

2304-737: Was the birthplace of Alexander the Great . In 2011, the GDP per capita of Central Macedonia was € 14,400, marking a 9th place of the 13 regions of Greece, well below the national average of € 18,500. Central Macedonia is Greece's fourth-most-popular tourist region and the most popular destination that is not an island . The Chalkidiki peninsula is Macedonia 's most popular beach destination, combining 550 kilometres (340 mi) of sandy beaches with dense forests. There were 116 Blue Flag beaches in Macedonia in 2018, 85 of which were in Chalkidiki. Chalkidiki

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