GDP Full Form, What Is GDP? How to Calculate GDP?

GDP Full Form 

GDP Full Form or Full form of GDP is or GDP stands for Gross Domestic Product. 

GDP Full Form

What Is GDP?

GDP is the total final market value of all the goods and services produced within the geographic boundaries of any country in a specific duration of time. It can be Quarterly, six-monthly, or yearly. Normally it is yearly.

GDP growth is used to measure overall growth or decline in the economy of the country or that nation. It clearly indicates how strong or weak a specific country is in the economy as well as it also clearly indicates or specifies the living standard of the people of that specific country. 

If GDP increases it means the country is economically strong and thus living standard of the people of that country increases. And if GDP decreases it means the country is economically weak and thus living standard of the people of that country decreases. In terms of living standards country having robust GDP are considered a good country.

GDP is affected by several factors such as economic slowdown and international market. In India GDP is mainly contributed by three broad sectors, industry, agriculture, and allied services and service sector.

How To Calculate GDP

There are different methods to calculate GDP. The simple method is that it is equal to the total of gross investment, private consumption, government spending plus the value of exports, minus imports. formula to calculate GDP = gross investment + private consumption + government spending + (exports – imports).

Central Statistic Office calculates the nation’s gross domestic product (GDP) in India.