I think the term GDP by definition means in one year.
Like if someone asked me what my salary is, and I said “I have £10k in the bank!”, I wouldn’t be answering the question. I should say “My salary is £30k per year” or whatever it is. If someone asked about my wealth or net worth, then the amount I have saved would be relevant.
Wealth is accumulated money, while GDP is per year. Debt is also accumulated, while deficit is per year.
Why isn’t GDP also accumulated? I mean, GDP is wealth in any given year (perhaps discounting debt somehow?)
I think the term GDP by definition means in one year.
Like if someone asked me what my salary is, and I said “I have £10k in the bank!”, I wouldn’t be answering the question. I should say “My salary is £30k per year” or whatever it is. If someone asked about my wealth or net worth, then the amount I have saved would be relevant.