What is the full form of GDP
What is the full form of GDP
GDP: Gross Domestic Product
GDP stands for 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.
It is used to measure the size of an economy and overall growth or decline in the economy of a nation.
The GDP growth rate is a significant measure of a country’s economic growth. As the GDP increases, the people’s living standards in that nation are also continuously rising.
For living purposes, a country with a high GDP is considered the right country. In India, three significant sectors contribute to GDP; agriculture, manufacturing, and service.
How to calculate GDP?
GDP is the sum of consumption (C), investment (I), government spending (G) and net exports (X – M).
- GDP = C + I + G + (X − M)
Advertisement