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GDP, Economy and More..

How to calculate the GDP of a country?

The GDP or gross domestic product of a country provides a measure of the monetary value of the goods and services it produces in a specific year. This is an important statistic that indicates whether an economy or growing or contracting. In the United States, the government releases an annualized GDP estimate for each quarter and also for an entire year.
GDP can be calculated based on Spending Aproach or Income Approach. GDP also needs to take inflation into consideration. Many experts disagree that GDP is the perfect approach to measure the state of an economy.
Important indicators that drive overall GDP number includes:
Consumer Spending, Business Investment, Government Spending, Net Export (Export - Import).
Other factors that also affect GDP based in the Income Appreach includes:
Wages, return on Capital in the form of interest, rent earned by land, etc.
Source: Investopedia.com Read more

How to measure economic success of a country?

Nations monitor a variety of statistics to measure economic growth such as national income (the total income from all sources earned in a nation over specified period of time) and gross domestic product or GDP (the total market value of all goods and service produced within a country during a specified period).
Productivity is a crucial measurement of how efficiently we are utilizing our resources and is also considered by many while measuring economic success. Per capita income is also a critical metric to calculate how successful a country is and so is the personal distribution of income.
Source: www.shmoop.com Read more

IMF's Economic Performance Index (EPI)

The EPI represents a simple method to measure the macro-economic performance of a nation, state or region. It combines data on inflation, unemployment, government deficit, and GDP growth into a single indicator. In contrast to other indexes, the EPI does notuse complicated mathematical procedures but was designed for simplicity, making it easier for professionals and laypeople alike to understand and apply to the economy.

Source: imf.org Read more
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