Is personal produce counted in GDP? Good day. And sorry if it's a stupid question.
I came across a question on another q&amp;a site earlier today. It was about a hypothetical scenario. The question was if everyone in a nation becomes self-sufficient, would GDP increase. There were answers where the answerers opined that it might actually reduce the GDP. Others had the opposite opinion.
I studied a bit about it and thought any product is counted in GDP. Am I correct?
Would personal produce (consumed by own) be counted in GDP calculation?
This is often called “home production.” By default, the answer is no, but different countries have different methodologies.
This US Bureau of Economic Analysis page has some information: BEA webpage.
They produce a “satellite account” that includes this information. (Not officially part of GDP, but official supplemental information.)