This will raise actual output to the level of potential output, thereby closing the output gap.

Unit labor costs have risen, and potential output growth has fallen.

Potential output has also been called the natural gross domestic product.

Most local forecasters now put Brazil s growth rates well below potential output.

If actual output is below potential output, this means that total spending is insufficient to buy what the economy can produce.

The theory behind the massive economic stimulus efforts that many governments have undertaken rests on the notion of the output gap. This is the difference between an economy s actual output and its potential output.

Thus, Latvia today enjoys a sustainable fiscal position, with output close to its potential and growing.

With a large output gap and low inflationary pressure, expansionary policies show great potential for reviving economic activity.

In economics, potential output (also referred to as natural gross domestic product ) refers to the highest level of real Gross Domestic Product output that can be sustained over the long term.

Consider basic foodstuffs. Rising food prices plague most of Asia, while Russia s potential for expanding grain output is enormous.

First, prolonged unemployment destroys not just current but also potential output by eroding the human capital of the unemployed.

Today, even if US production returns to its stable inflation output potential by 2017 a huge if the US will have incurred an output shortfall equivalent to 60 of a year s GDP.

That way, the economy as a whole would not come under pressure to deleverage and thus push production below potential output.

At 60 a barrel, expect the measured long term rate of potential world output growth to slow by roughly 0.3 per year.

Absent such confidence, Iraq s oil output will not approach its potential, which will only widen the gap between global supply and demand.

By contrast, output in Greece, which was slow to adopt austerity, is still 12 below its estimated potential and continues to fall.

At 40 a barrel, expect oil prices to slow the long run growth rate of the world's potential output by 0.1 per year.

Yet this will occur too slowly to prevent a rapid rise in unemployment and a massive shortfall of production relative to potential output.

Iraq is producing oil at levels below what it produced under Saddam Hussein, and has the potential to double or even triple output.

Those who predict generally low interest rates over the next generation point to rapid growth of productivity and potential output in the world economy.

This new round of central bank activism reflects persistent concerns about economic growth. Despite a once unthinkable amount of monetary stimulus, global output remains well below potential, with the potential itself at risk of being suppressed.

A good economy not only sustains growing output and national income it also ensures its participants capacity for self sufficiency and ability to realize their potential.

As a result, even after output levels return to their potential, interest rates will stay low by the standards of the 1980's and the 1990's.

Output

Output

The dominant mode of thought within the Federal Reserve with which I agree appears to be that the information technology revolution is continuing, that the pace of growth of potential output in the US remains very fast, and that the output gap is thus relatively wide.

Output intensity.

Output device

Minimal output intensity.

Maximal output intensity.

Fortunately, the most significant potential limitations land, water, and nutrients seem unlikely to constrain global output excessively in the foreseeable future. But, while none is in short supply globally, local shortages may occur.

This could be addressed promptly while eliminating inefficiencies and re orienting institutions that were co opted by the old system to serve the few rather than the many would increase potential output significantly.

The world s emerging market economies are in better shape but, while their underlying trend growth in potential output is much higher than that of the advanced economies, there is no cyclical de coupling.

Add the following output

Finally, the change in potential GDP will depend on what happens to the rate of change of multifactor productivity that is, the change in output that results from changes in technology and production processes.

This fall in GDP, though a natural consequence of lower imports of consumption goods, is often mistakenly perceived as something to be avoided, because it seems to imply that output is below its potential.

Since Abenomics was launched, the deflation gap (the difference between actual and potential output) has dropped from roughly three percentage points to below 1.5. This implies that, while the first two arrows are helping to improve Japan s actual growth path, the third arrow has yet to do much for potential growth.

The New Keynesian models underpinning these policies assumed that an economy s true potential and thus the so called output gap that expansionary policy is supposed to fill to attain full employment can be precisely measured.

tty output for background process

Output version information and exit

Output version information and exit

Output expanded robustly after 1933.

Output collapsed and unemployment soared.

Output fell and unemployment skyrocketed.

Super Output Areas were developed by the Office for National Statistics (ONS) from the Census 2001 Output Areas.