Definition

In order to calculate the growth rate of GDP free of the direct effects of inflation, data at fixed, or constant, prices should be used. Price relativities change over time, and the 1993 System of National Accounts recommends that the fixed prices used should be representative of the periods for which the growth rates are calculated. This means that new fixed prices should be introduced frequently, typically every year. The growth rates of GDP between successive periods are linked together to form chain volume indices. All OECD countries derive their "volume" estimates in this way, except for Mexico who only revises its fixed weights every ten years. Such practices tend to lead to biased growth rates, usually upward. For the definition of GDP, please refer to the definition under Size of GDP.

The growth rates for OECD total are averages of the growth rates of individual countries, weighted by the relative size of each country's GDP in US dollars. Conversion to US dollars is done using purchasing power parities.

For more statistics on economic, environmental and social issues visit online the OECD Factbook 2010.