Manufacturization Of The Economy And Gross Domestic Manufacturing Product
Abstract
Key Takeaways
- In the context of confrontational globalization, the revival of manufacturing, particularly in developed countries, is of particular importance: The main instruments of this process are friendshoring, nearshoring, and inshoring (including reshoring), which contribute to the manufacturization of the economy.
- Assessing the level of manufacturization requires appropriate macroeconomic indicators: These include Gross Domestic Manufacturing Product, which measures the value added generated by the manufacturing sector within an economy, and the Manufacturization Index, which measures the change in the share of manufacturing in GDP.
- Gross Domestic Manufacturing Product is an auxiliary macroeconomic indicator: Regardless of whether GDP or another generalized macroeconomic indicator is used to assess economic performance, measuring the output of the manufacturing sector remains important, since manufactured goods constitute an essential component of human consumption.
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