GDP Full Form, Full Form Of GDP ?

Full Form of GDP is Gross Domestic Product.

Gross Domestic Product (GDP) is the total market value of goods and services that are produced within the country in a particular period of time.

Gross Domestic Product (GDP) is important for the country because it measures the monetary value of final goods and services in the country  Ie, those that are bought by the final consumer-produced in a country in a given period of time.

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Gross Domestic Product (GDP Full Form) is used to measure the size of an economy and overall growth or decline in the economy of a country.
Gross Domestic Product (GDP) indicates the economic health of a country as well as specifies the living standard of the people of a  country, i.e. as the GDP increases the living standard of the people also increases. A country with a good GDP is considered good for living.
In India, the three main sectors that contribute to GDP are industry, service sector, and agriculture. Gross Domestic Product (GDP)  is the primary indicator to determine the growth of the economy of a country.
There are many approaches to calculate the Gross Domestic Product (GDP).
The simple approach to calculate Gross Domestic Product(GDP), it is equal to the total of private consumption, gross investment and government spending plus the value of exports, minus imports i.e. the formula to calculate Gross Domestic Product (GDP)  = private consumption + gross investment + government spending + (exports – imports).

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