Antigua and Barbuda: Terms of trade adjustment (constant LCU)

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Terms of trade adjustment (constant LCU)

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Weighted average

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Antigua and Barbuda

Statistiken: Terms of trade adjustment (constant LCU)

Periodizität Annual
Datum -
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Definition: Terms of trade adjustment (constant LCU)

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The terms of trade effect equals capacity to import less exports of goods and services in constant prices. Data are in constant local currency.

Relevanz der Entwicklung: Terms of trade adjustment (constant LCU)

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Adjusted net national income is particularly useful in monitoring low-income, resource-rich economies, like many countries in Sub-Saharan Africa, because such economies often see large natural resources depletion as well as substantial exports of resource rents to foreign mining companies. For recent years adjusted net national income gives a picture of economic growth that is strikingly different from the one provided by GDP. The key to increasing future consumption and thus the standard of living lies in increasing national wealth - including not only the traditional measures of capital (such as produced and human capital), but also natural capital. Natural capital comprises such assets as land, forests, and subsoil resources. All three types of capital are key to sustaining economic growth. By accounting for the consumption of fixed and natural capital depletion, adjusted net national income better measures the income available for consumption or for investment to increase a country's future consumption.

Einschränkungen und Ausnahmen: Terms of trade adjustment (constant LCU)

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Adjusted net national income differs from the adjustments made in the calculation of adjusted net savings, by not accounting for investments in human capital or the damages from pollution. Thus, adjusted net national income remains within the boundaries of the United Nations System of National Accounts (SNA). The SNA includes non-produced natural assets (such as land, mineral resources, and forests) within the asset boundary when they are under the effective control of institutional units. The calculation of adjusted net national income, which accounts for net forest, energy, and mineral depletion, as well as consumption of fixed capital, thus remains within the SNA boundaries. This point is critical because it allows for comparisons across GDP, GNI, and adjusted net national income; such comparisons reveal the impact of natural resource depletion, which is otherwise ignored by the popular economic indicators.

Statistisches Konzept und Methodik: Terms of trade adjustment (constant LCU)

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For more information, see the metadata for constant U.S. dollar GDP (NY.GDP.MKTP.KD) and total population (SP.POP.TOTL).

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