Markjbloggs
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GDP and GNP are measures of our national income.
Income earned from the construction of new buildings is included, yes.
Buying and selling of existing property has no direct effect on income figures.
House building is a factor.
The usual number bandied about is every 10,000 fall in the number of houses built reduces GDP by about 1pc.
House building is a factor.
The usual number bandied about is every 10,000 fall in the number of houses built reduces GDP by about 1pc.
Is it more correct to say that the 10,000 drop in houses built reduces GDP GROWTH by 1%. Once they are built, the appreciation in "value" does not contribute to growth in GDP?
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