GDP full form: What is the full form of GDP?

GDP full form

The full form of GDP is Gross Domestic Product. What is it? It s the total market value of all the products, goods and services that are produced within a country in a specified duration of time. What does it do? GDP measures the final monetary value of goods and services that are purchased by a user in a specified country and in a specified period of time.  Overall, GDP measures the final growth or the final decline that has taken place in the economy of a nation. By measuring the overall growth or decline in the economy, it indicates the health and living standard of the people of that nation i.e. As the GDP increases the living standard of the people of that nation also develops and as it decreases so the living standards of the nation. 

If a country has a better GDP figure that means that the country is better for living purposes than those countries that have low figure GDP. 

The three main sectors that lead to development in GDP in India are- industries, the service sector and agriculture including allied services. It is the only primary indicator that determines the overall development in the economy. GDP can be calculated in many ways. If we talk about one simple way, the GDP of a nation is equal to the total of private consumption, gross investment, and government expenditure plus the value of exports minus imports.

The formula of GDP can be written as:

GDP =  PRIVATE CONSUMPTION + GROSS INVESTMENT + GOVERNMENT SPENDING + (EXPORT-IMPORT)

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