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What are the international economic measurement techniques?

Economic indicators measure macro-economic variables that directly or indirectly enable economists to judge whether economic performance has improved or deteriorated. Tracking these indicators is especially valuable to policy makers, both in terms of assessing whether to intervene and whether the intervention has worked or not.

There are various techniques to measure these macro-economic variables. The most common indicators include are levels of real national income, Gross Domestic Product (GDP), spending, and output. National income, output, and spending are three key variables that indicate whether an economy is growing, or in recession. You can also write about the Human Development Index (HDI) or the Human Poverty Index (HPI).

Please provide specific examples and explain at least 2 variables that are used as international economic measurements techniques (research the most recent data).

 

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