Comparing Natural Resources Exports on Economic Performance

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Submitted By judithjarvis
Words 1073
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Comparing Natural Resources Exports on Economic Performance

Introduction People always hear about a county’s Gross Domestic Product (GDP) through reading newspaper articles, watching the media interview distinguished economists, or hearing the President address the nation on television. But what exactly does the GDP of a country measure and how can it be increased? The Gross Domestic Product is the primary indicator of the health of a country’s economy. Representing the total dollar value of all goods and services produced in a country during a given time, it is a way to define a country and is a standard to measuring the world’s economies. A country with a high GDP is said to be a well established, and most likely a developed, nation as their value of goods and services exceed the average markets worldwide. As one can imagine, economic production and growth has a large impact on nearly everyone within that economy. One approach to calculating GDP is to add up all of the income generated by employees, profits for companies, and taxes. Oil production and trade is a large part of the equation in that energy independence or dependence affects a country’s overall economic plan and trade deficit. To be a nation that exports oil means to have a certain level of independence and a way to generate revenue for the country. This study focuses on the effect of natural resources exports, in this case oil, on economic performance for the Middle East and North African countries.
The objective is to examine the impact of oil exports and whether there is an association with a nation’s GDP (why). Since most of the developed nations have varying goods and services to export, this study will concentrate on the value of oil exports in 19 Middle East and North African countries in comparison to their GDP. The dataset used is provided from the International Monetary Fund, World…...

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