GDP Full Form
Full Form Of GDP is ” Gross Domestic Product “.
GDP is basically the Total Market value of Goods and Services produced within a country in a specific time duration. GDP plays a major role to to measures value of final goods and services that is, those are bought by the final user – produced in a country in a given period of time.
GDP used in measuring the size of an economy and Overall Growth or Decline in economy of a Nation. GDP also indicates the economic health of a country as well as specifies the living standards of the people of a specific country.
For example when the GDP increase increase the living standards of people living in that country is also consider growing with GDP.
In India there are three main sectors that contribute to GDP the most.
2. Service sector.
3. Agriculture including Allied Services.
This is why GDP is the most effective way to understand about the overall Growth of a country and it’s people’s living standards.
How To Calculate GDP :
To Calculate GDP you need some information as mentioned below.
GDP = Private Consumption + Gross Investment + Government Spending + ( Exports – Imports )
Or you can also understand GDP calculate by the image.
If you still have any questions related GDP full form or How to calculate GDP then do let me know in the comments.