GDP Full Form


Full Form of GDP

Full form of GDP generally stand as a  Gross Domestic Product. GDP is the total market value of  the goods and services produced in a country and in a specific period of time. GDP calculates the monetary value of final goods and services – that is, those that are purchased by the final user – produced in a country in a specific period of time. It is used to measure the size of the total economy and overall growth of the country or decline in the economy of a country. It indicates the economic wealth of a country as well as specifies the financial standard of the people of a specific nation, i.e. as the GDP increases the health standard of the people of that nation also increases. A country having positive GDP is considered as a positive country for living purpose.

In our India, there are 3 primary sectors that contribute to GDP; industry sector, service sector and agriculture sector including allied services. GDP is the main indicator to determine the growth of a nation’s economy. There are many ways to calculate GDP. In simple way, it is equal to the total of private consumption, gross investment and government spending plus the total value of exports, minus total imports i.e. the formula to calculate GDP = private consumption + total gross investment + total government spending + (total exports – total imports).