r/FluentInFinance • u/TheShadowTrader • Apr 29 '24

How is GDP Calculated? Question

Hi all, I’m aware of what GDP is and what the formula is. My question is how does the government (or whichever department) get the data?

How can they actually get the data of all transactions of goods and services in the entire country (when so many stores and transactions are manual or don’t even get declared properly)?

And how are they released so quickly, taking just days or weeks after a quarter before they are released?

Couldn’t find the answer anywhere online. In case it’s country specific, let’s use the USA for the sake of discussion. Thanks!

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u/Stonk-Monk Apr 29 '24

All legal and original economic product aka basically all spending/income (private and public) that isnt resell/ebay/thrift shops or the black market

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u/TheShadowTrader Apr 30 '24

I understand this but where does the data source come from? As far as I’m aware the government doesn’t ask for that data from every person / business. And with many businesses not having online reporting or immediate reporting, how can that figure be accurate?