Open AccessPrincipal Component Analysis and its Application to Nominal Gross Domestic Product
Author(s) -
Suchitra Hiregowda,
G. Pujar,
Virupaxappa S. Betageri
Publication year - 2020
Publication title -
iop conference series. materials science and engineering
Language(s) - English
Resource type - Journals
eISSN - 1757-899X
pISSN - 1757-8981
DOI - 10.1088/1757-899x/925/1/012012
Subject(s) - gross domestic product , per capita , economics , gross domestic income , product (mathematics) , goods and services , gross national income , expansive , econometrics , macroeconomics , economy , public economics , mathematics , population , demography , geometry , tax reform , compressive strength , composite material , materials science , sociology , gross income , state income tax
Gross Domestic Product refers to financial or market value of all goods and services which are produced within the countries in a specific time duration. As expansive measure of universal domestic production, it functions as a comprehensive record of the country’s economic health. Nominal Gross Domestic Product is the computation of raw data and is more utilitarian comparing national economies on the international market. Some countries have very differing Gross Domestic Product per capita between its regions. A countries region tend to intersect overtime, the discrepancy between the poorer and richer regions is kept over decades in other cases. Here, we considered progress in the nominal Gross Domestic Product per capita across 19 regions in Spain to provide the analysis of progress. This could answer few questions with respect to Nominal Gross Domestic Product viz., Have the regions converged? Which is the spread between regions? The central theme of this article is to answer whether can we make a cluster analysis of the regions after applying principal component analysis?