Full Form of GDP/GDP full form
The Full form of GDP/GDP full form is Gross Domestic Product.. GDP is said to be the total market value of all goods and services produced in the country in a particular span of time. Below are some details which GDP explains.
- GDP quantifies the monetary value of final goods and services i.e those that are bought by the end user produced in a country in a given period of time.
- GDP is used to calculate the size of an economy and overall growth or decline in the economy of a nation. A country having good GDP is considered as a good country for living purpose. In India,
- The three main sectors that contribute to GDP are industry, service sector and agriculture services.
- GDP is the primary indicator to determine the growth of a country’s economy.
- The general formula to calculate GDP = private consumption + gross investment + government spending + (exports – imports)