What is Full form of GDP?
Full form of GDP is Gross Domestic Product.
It is the total market value of all the goods, products and services produced within a country in a specific duration of time.
A country having good GDP is considered as a good country for living purpose. In India, there are three main sectors that contribute to GDP; industry, service sector and agriculture including allied services.
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period.
The OECD defines GDP as "an aggregate measure of production equal to the sum of the gross value added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).
Total GDP can also be broken down into the contribution of each industry or sector of the economy.
The OECD defines GDP as "an aggregate measure of production equal to the sum of the gross value added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).
Total GDP can also be broken down into the contribution of each industry or sector of the economy.
How to calculate GDP?
The formula to calculate GDP = private consumption + gross investment + government spending + (exports – imports).
0 Comments