Economic performance of Russia and India (2010-2012) Essay

economical performance of Russia and India (2010-2012) - Essay Exampleate 2012 2011 2010 Russia 6.0% 6.5% 7.5% India 9.9% 9.8% 10% pedigree CIA, 2013b Statista, 2013a, b Gross Domestic Product (gross domestic product) Gross domestic product (GDP) is defined as the sum of market value of all final goods and serve produced in a country during a specfic period of time, generally one year7 (Dwivedi, 2010, p. 5). In Russia, the countrys GDP has signficantly increased from $2.322 jillion in 2010 up to $2.509 trillion in 20128 (CIA, 2013a). The signficant growth set up in Russias GDP somehow explains why this country had a gradually diminish unemployment rate. Since demand for final goods and services increases, demand for more jobs also increases. In India, the countrys GDP also increased from $4.205 trillion in 2010 as compared to $4.735 trillion in 20129 (CIA, 2013b). In general, the real GDP set considers the impact of inflation rate on GDP whereas a nominal GDP values does not. For this reason, figures that are related to real GDP is considered as a more accurate economic indicator as compared to the nominal GDP values. In job with this, the GDPs real growth rate in India (5.4% in 2012) is much higher as compared to the GDPs real growth rate in Russia (3.6% in 2012)10, 11 (CIA, 2013a, b). Gross Domestic Product (GDP) 2012 2011 2010 Russia $2.509 trillion $2.422 trillion $2.322 trillion India $4.735 trillion $4.492 trillion $ 4.205 trillion Source CIA, 2013a, b GDP Real Growth Rate 2012 2011 2010 Russia 3.6% 4.3% 4.3% India 5.4% 6.8% 10.1% Source CIA, 2013a, b The per capita real GDP is break up of the macroeconomic indicator that focuses on dividing the real GDP with the number of commonwealth in each country12 (Boyes and Melvin, 2013, p. 359). As of 2013, the total population in Russia is only 141.44 million as compared to... This paper is the best example of comparison of economic suppuration of India and Russia in terms of economic growth during 20 10-2012 Key economic indicators are commonly used to determine the overall economic performance of a country. employ marcro-economic indicators such as unemployment rate, inflation rate, and balance of salary among others, it is possible to detect whether or not there is an economic growth in each country.Economic growth is defined as the increase in production of goods and services that occurs over long periods of timeThis report is composed of two major parts. The firts part will focus on applying and discussing the significance of macro-economic indicators such as unemployment rate, inflation rate, balance of payment, exchange rate, and growth indicators like gross domestic product (GDP) in the case of Russia and India. The second part focus on discussing the domestic and foreign factors which triggers fluctuations in some of these economic indicators.Unemployment rate is defined as the number of unemployed people who want to have a job but do not have one Gross domestic produc t (GDP) is defined as the sum of market value of all final goods and services produced in a country during a specfic period of time, generally one year ostentatiousness rate is defined as the percentage change in some measure of the price level from one period to the next the balance of payment is defined as the statistical statement that systematically summarizes, for a specific period of time, the economic transactions of an economy with the rest of the worldThe research conducted distinctly shows that Russia was benefiting from a good economic growth whereas India was experiencing a worst economic growth.