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Definition: GDP per capita is the measure of the average GDP contribution from each citizen of the country.
GDP per capita measures how every person has contributed to the economy. Think of it as the country’s GDP divided by the country’s total population. Imagine three people working together and they make six units of a product in a day. To get an idea of how much work one person did, we just divide six by three and arrive at two as the result. This is what happens with GDP per capita as well. With the help of GDP per capita, economists can get an idea about how a country is prospering when it comes to its economic growth. It usually happens that countries having a higher GDP per capita come under the industrial and developed category and have less population compared to other countries. The GDP per capita is the best way to track a company’s economic growth since all its components are globally tracked. Governments can use GDP per capita to understand how their economies are growing along with their populations. Any national-level analysis of the GDP per capita of a country can give insights into how the country’s domestic population is influencing its economic growth.
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