National average salary
Encyclopedia
The National Average Salary (or the National Average Wage) is the mean
salary
for the working population
of a nation. It is calculated by summing
all the annual salaries of all persons in work and dividing
the total by the number of workers. It is not the same as the Gross domestic product
(GDP) per capita
, which is calculated by dividing the GDP by the total population of a country, including the unemployed and those not in the workforce
(e.g. retired people, children, students, etc.).
Average
In mathematics, an average, or central tendency of a data set is a measure of the "middle" value of the data set. Average is one form of central tendency. Not all central tendencies should be considered definitions of average....
salary
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis....
for the working population
Population
A population is all the organisms that both belong to the same group or species and live in the same geographical area. The area that is used to define a sexual population is such that inter-breeding is possible between any pair within the area and more probable than cross-breeding with individuals...
of a nation. It is calculated by summing
Summation
Summation is the operation of adding a sequence of numbers; the result is their sum or total. If numbers are added sequentially from left to right, any intermediate result is a partial sum, prefix sum, or running total of the summation. The numbers to be summed may be integers, rational numbers,...
all the annual salaries of all persons in work and dividing
Division (mathematics)
right|thumb|200px|20 \div 4=5In mathematics, especially in elementary arithmetic, division is an arithmetic operation.Specifically, if c times b equals a, written:c \times b = a\,...
the total by the number of workers. It is not the same as the Gross domestic product
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
(GDP) per capita
Per capita
Per capita is a Latin prepositional phrase: per and capita . The phrase thus means "by heads" or "for each head", i.e. per individual or per person...
, which is calculated by dividing the GDP by the total population of a country, including the unemployed and those not in the workforce
Workforce
The workforce is the labour pool in employment. It is generally used to describe those working for a single company or industry, but can also apply to a geographic region like a city, country, state, etc. The term generally excludes the employers or management, and implies those involved in...
(e.g. retired people, children, students, etc.).
See also
- List of countries by average wage
- List of countries in Europe by average wage