What is the full form of GDP

GDP: Gross Domestic Product

The Full form of GDP is Gross Domestic Product. GDP is the total market value of all the goods and services produced within a country in a specific duration of time. GDP measures the monetary value of final goods and services – that is, those that are bought by the final user – produced in a country in a given period of time. It is used to measure the size of an economy and overall growth or decline in the economy of a nation. It indicates the economic health of a country as well as specifies the living standard of the people of a specific country, i.e. as the GDP increases the living standard of the people of that country increases. 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. GDP is the primary indicator to determine the growth of a country’s economy. There are many approaches to calculate GDP. If we talk about a simple approach, it is equal to the total of private consumption, gross investment and government spending plus the value of exports, minus imports i.e. the formula to calculate GDP = private consumption + gross investment + government spending + (exports – imports).

GDP stands for 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. It is used to measure the size of an economy and overall growth or decline in the economy of a nation. It indicates the economic health of a country as well as specifies the living standard of the people of a specific country, i.e. as the GDP increases the living standard of the people of that country increases. 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.