Is the average salary, of a person in a country known as GDP per capita?

Question

If not, what is the term for average salary

Answer 1

No. GDP is a measure of total output ie the volume of things produced and is usually quoted in real terms ie after deflating by the price level. You can estimate GDP using income (or expenditure) data rather than output data but total national income is somewhat different - and total income includes things like rent, interest and dividends ie much more than just salaries

In the UK we use the monthly Average Earnings Index as the main indicator. Theres also an Average Weekly Earnings measure being trialled. Also there is a 'Wages and Salaries' series in the national accounts which you would need to divide by the number of employees it refers to. The AEI is the one most economists use. But these measures generally include bonus payments, not just salaries. The AEI does have a 'regular pay' series if thats what you want.

In the US its different - its called 'Compensation per employee' . One of the main reasons is because they dont have the national health service and so whether an employer pays health benefits makes a big difference.

In other countries there will be something but it will be called a different name in each country.

Answer 2

No. GDP per capita is the sum of all forms of income (wages, corporate profits, earnings of unincorporated businesses, rents, royalties, retirement benefits, etc.) divided by population (including population that does not have income, such as children).

The term for average salary is usually "wage level", although there may be variations even among English-speaking countries...

Answer 3

GDP is Gross Domestic Product, a term used in economics. I think you might be confusing it with GBP, which is used to denote Great Britain Pounds?

I'd imagine that the term for average salary is 'average salary'.

Answer 4

GDP is gross domestic product. i would have thought the term for an average salary was just 'average salary'

Answer 5

Average Salary, is the salary used to calculate your benefits when you retire, it depends on when you retire. it means pension pay