Inflation plays a crucial role in GDP measurement by influencing consumer spending, production costs, and overall economic ...

However, the most famous GDP formula uses the expenditure approach: GDP = Consumption + Government Spending + Investment + Net Exports. Consumption is typically the most important variable in the ...

The ICP does not use the production approach nor the income approach to measuring GDP. Instead, ICP comparisons of GDP are based on the expenditure approach, where GDP is measured as the sum of the ...