Essential Macroeconomic Formulas and Indicators

Growth and Productivity Formulas

• AGR: [(X_t/X_t-1) - 1] x 100
• PGR: [(X_t/X_o) - 1] x 100
• AACGR: [(X_t/X_o)^1/n - 1] x 100
• Growth Relationship: [1+(GR_a/100)] = [1+(GR_b/100)] / [1+(GR_c/100)]

Labor and GDP Metrics

• GDP per capita: GDP / People Employed x (People Employed / Population) = Labor Productivity x Employment Rate
• GDP per capita growth: [1+GR(GDP_pc)/100] = [1+GR(LabProduc)/100] x [1+GR(PEP)/100]
• GDP per capita (PPP$): GDP_pc($) / RPI x 100
• Compensation of Employees / GDP: Unit Labor Costs x Wage Earners Rate
• Unit Labor Costs: (Average Wage / Labor Productivity) x 100
• Wage Earners Rate: (Wage Earners / Total Employment) x 100

National Income and Savings

• Gross National Product (GNP): GDP + Net Income from Abroad = Consumption + GCF (I) + Net Exports + Net Income from Abroad
• Gross National Disposable Income: GNP + Net Transfers from Abroad
• National Savings: GNP + Net Transfers from Abroad - Consumption
• Current Account Balance: National Savings - Gross Capital Formation = Net Exports + Net Income from Abroad + Net Current Transfers from Abroad

External and Financial Balances

• Lending Capacity: Nat. Savings - Gross Capital Formation + Net Capital Transfers from abroad > 0 (if Current + Capital Account > 0)
• Borrowing Needs: Nat. Savings - Gross Capital Formation + Net Capital Transfers from abroad < 0 (if Current + Capital Account < 0)
• External Openness: [(Export + Import) / GDP] x 100
• Exporting Tendency: (Export / GDP) x 100
• Coverage Rate: (Export / Import) x 100
• Importing Tendency: (Import / GDP) x 100
• REER: NEER x RPI

Labor Market Indicators

• Economically Active Rate: (Economically Active Pop / Pop +16 y.o.) x 100
• Active Population per Inhabitant: (Active Pop / Total Pop) x 100
• Employment Rate: (Employed Pop / Pop +16 y.o.) x 100
• Unemployment Rate: (Unemployed Pop / Eco. Active Pop) x 100
• Unemployed Population: Economically active pop - Employed people
• Temporary Employment Rate: (Temporary contracted people / Wage Earners) x 100

Fiscal and Balance of Payments

• Balance of Payments: Current Account + Capital Account - (Financial Account + Reserve Assets) + Errors = 0
• Financial Capacity/Requirement: Revenues - Expenditures
• Primary Balance: Revenues - Expenditures (excluding interest payments)
• Tax on Total Revenues: Tax on income, property and capital + Tax on production and imports