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this post was submitted on 12 Nov 2023
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chapotraphouse
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In 2013, the United States' Bureau of Economic Analysis changed the methodology for how GDP was calculated. R&D and intellectual property were reclassified as investments rather than costs, which increased the reported size of US GDP. Countries that had more high-tech and creative industries would see a boost in GDP while countries known for manufacturing would not see such a large increase. This lead to a perception that the U.S. economy is growing faster or is larger compared to countries like China.