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54-634: Uberaba ( Portuguese pronunciation: [ubeˈɾabɐ] ) is a municipality in the state of Minas Gerais , Brazil . It is located in the Brazilian Highlands at an elevation of 823 metres (2,700 ft) above sea level on the Uberaba River, and is situated 418 kilometres (260 mi) from the state capital, Belo Horizonte . The city was granted its status in 1856 and derives its name from the Tupi language , meaning "bright water". As of 2021,

108-547: A 20-year lease. In 2022, Atlas Agro signed a letter of intent to establish a sustainable nitrogen fertilizer facility at the location. Uberaba is recognized for housing a significant paleontological site in Brazil, boasting fossil records dating back approximately 80 to 66 million years, from the Late Cretaceous period . The first paleontological discoveries in the territory were made by chance in 1945 when workers in

162-509: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way

216-521: A city in 1856. In 1889, the inaugural railway station was established due to the expansion of the Mogiana Railway from the neighboring municipality of Sacramento . The introduction of the railway system boosted the economy of Uberaba in the subsequent years. Currently, Uberaba is known for its lively livestock and agribusiness events. As an industrial hub, the city functions as a regional center for culture, commerce, and entertainment, hosting

270-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from

324-521: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if

378-650: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of

432-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in

486-513: A crossroads prompted local farmers to engage in crop cultivation and cattle domestication for commercial purposes, leading to the establishment of a robust livestock network in the region. Initially a part of the Captaincy of Goias , the territory of Uberaba was incorporated into the Captaincy of Minas Gerais in 1816. It gained recognition as a parish in 1820 and was officially designated as

540-628: A diverse array of institutions, markets, and entertainment venues. The municipality includes the rural district of Peirópolis , known for its paleontological site. This area features the Paleontological Research Center Llewellyn Ivor Price and a museum dedicated to local fossil discoveries. On March 27, 2024, Uberaba gained recognition from UNESCO as a global geopark . Uberaba has a Tropical climate (Aw) with an average annual temperature of 21.9 °C (71.4 °F). The highest temperature ever recorded

594-400: A municipality has jurisdiction may encompass: Powers of municipalities range from virtual autonomy to complete subordination to the state . Municipalities may have the right to tax individuals and corporations with income tax , property tax , and corporate income tax , but may also receive substantial funding from the state. In some European countries, such as Germany, municipalities have

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648-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by

702-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring

756-477: Is an important grain producer in Minas Gerais, particularly known for corn , soybean , coffee , cotton , and sugarcane . The city is also recognized for hosting Expozebu , one of the largest cattle fairs in the world, held annually since 1935. From 2019 to 2024, Uberaba secured positions among the top 100 Brazilian cities with the highest agricultural production value , ranking 30th by 2024 according to

810-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by

864-474: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much

918-420: Is concentrated in the local industrial park, with processing plants operated by chemical companies, including Mosaic , FMC Corporation , Sipcam Nichino ( UPL ), and Yara . In 2021, the city ranked 62nd among the 100 largest economies in Brazil, with a GDP of R$ 20.3 billion and a GDP per capita of R$ 59,943. In 2011, Petrobras selected Uberaba as the site for its UFN-5 (Nitrogen Fertilizer Unit 5), which

972-473: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities

1026-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors

1080-634: Is provided by Mário de Almeida Franco Airport . Uberaba was the last residence of the philanthropist and spiritualist medium Chico Xavier . Xavier was born in Pedro Leopoldo in 1910 and resided in Uberaba from 1959 until his death at the age of 92 on June 30, 2002. He was buried in the city. Municipality A municipality is usually a single administrative division having corporate status and powers of self-government or jurisdiction as granted by national and regional laws to which it

1134-467: Is subordinate. The term municipality may also mean the governing body of a given municipality. A municipality is a general-purpose administrative subdivision, as opposed to a special-purpose district . The English word is derived from French municipalité , which in turn derives from the Latin municipalis , based on the word for social contract ( municipium ), referring originally to

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1188-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within

1242-453: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP

1296-617: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP

1350-626: The Museum of Earth Sciences in Rio de Janeiro . In 1991, it was established in Peirópolis, the Paleontological Research Center Llewellyn Ivor Price, locally known as the Centro de Pesquisas Paleontológicas Llewellyn Ivor Price. Currently, the research center collaborates with various national and international research institutions, and serves as a hub for paleontology in Brazil, focusing on understanding

1404-519: The 2023 report from the Ministry of Agriculture and Livestock (MAPA). The service sector employs slightly over half of the city's population, followed by the manufacturing industry, and agriculture ranking third. The industrial sector encompasses various fields such as agribusiness, food processing, textile manufacturing, steel production, mining, chemical manufacturing, electronic devices, home appliances, and more. The chemical manufacturing sector

1458-621: The Latin communities that supplied Rome with troops in exchange for their own incorporation into the Roman state (granting Roman citizenship to the inhabitants) while permitting the communities to retain their own local governments (a limited autonomy). A municipality can be any political jurisdiction , from a sovereign state such as the Principality of Monaco , to a small village such as West Hampton Dunes, New York . The territory over which

1512-530: The Spanish term ayuntamiento , referring to a municipality's administration building, is extended via synecdoche to denote the municipality itself. In Moldova and Romania , both municipalities ( municipiu ; urban administrative units) and communes ( comună ; rural units) exist, and a commune may be part of a municipality. In many countries, comparable entities may exist with various names. Gross domestic product The ratio of GDP to

1566-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,

1620-462: The city to the federal capital Brasília and São Paulo , as well as by BR-262 , linking it to the state capital Belo Horizonte. The railway system in Uberaba is managed by VLI Multimodal S.A., which operates the rail network linking the local intermodal terminal to the southeastern corridor of Ferrovia Centro-Atlântica . The corridor ultimately leads to the Port of Santos . Air access to Uberaba

1674-479: The community living in the area and the common interest. These include terms: The same terms "Gemeente" (Dutch) or "Gemeinde" (German) may be used for church congregations or parishes, for example, in the German and Dutch Protestant churches. In Greece, the word Δήμος ( demos ) is used, also meaning 'community'; the word is known in English from the compound democracy (rule of the people). In some countries,

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1728-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In

1782-400: The constitutional right to supply public services through municipally-owned public utility companies . Terms cognate with "municipality", mostly referring to territory or political structure, are Spanish municipio (Spain) and municipalidad (Chile), Catalan municipi , Portuguese município . In many countries, terms cognate with "commune" are used, referring to

1836-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP

1890-588: The fossil fauna and environments of the Late Cretaceous in the region, maintaining its own technical team for fossil preservation. As an integral part of the Research Center, The Dinosaur Museum aims to disseminate paleontological knowledge to the general public through interactive and educational exhibitions. The museum attracts an average of 100,000 visitors annually. In 2022, a geological survey identified 31 geosites and sites in Uberaba. Across

1944-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income

1998-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by

2052-684: The international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as

2106-543: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from

2160-490: The population was 340,277 inhabitants. The history of Uberaba traces its origins back to 1810, when Captain Major Eustaquio founded a settlement near the ancient Anhanguera route , which was more commonly referred to back then as the "Goyazes road". This settlement served as a resting point for both locals and travelers who passed through or arrived there during the 19th century. Its strategic location and function as

2214-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to

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2268-512: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value

2322-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as

2376-587: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020

2430-576: The rural district of Peirópolis accidentally came across well-preserved fossils. Subsequently, paleontologist Llewellyn Ivor Price , associated with the National Department of Mineral Production (DNPM), conducted extensive scientific research in the region from 1947 until 1974, with Peirosaurus being one of Price's early findings in the area of the Serra da Galga Formation . The specimens collected during this period were later transferred to

2484-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of

2538-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference

2592-484: The territory, over 10,000 prehistoric animal fossils have been documented, which includes sauropods , theropods , and velociraptors , along with various other specimens such as fishes, frogs, crocodyliforms , turtles, birds, mammals, mollusks, and the presence of trace fossils . Among the most notable discoveries is the Uberabatitan , unearthed in 2004. Road access to Uberaba is provided by BR-050 , connecting

2646-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within

2700-439: The total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on

2754-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give

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2808-785: Was 40.2 °C (105.2 °F) in October, while the lowest recorded temperature was −2.2 °C (28.0 °F) in July. Precipitation occurs on an average of 86 days per year, with the highest amount in December and the lowest in July. Uberaba is the primary municipality in the Intermediate Geographic Region of Uberaba . In 2021, the Immediate Geographic Region of Uberaba comprised 10 municipalities spanning an area of 14,281.652 km² (5,514.17 sq mi). Uberaba

2862-598: Was designed to connect to the Gasbol pipeline and produce 1,500 metric tons of ammonia daily. Construction of UFN-5 began in 2014 as part of the Growth Acceleration Program (PAC-2) but was suspended in 2015 at 30% completion due to the economic crisis of 2014 . After listing the site for sale without a successful auction, the Government of Minas Gerais transferred it back to Uberaba in 2021 under

2916-493: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by

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