GDP Full Form

By | December 25, 2019

GDP Full Form

GDP Full Form
GDP Full Form

 

GDP full form is the Gross Domestic Product. 

GDP is the total market value of all goods and services produced within a country in a specific period of time. The GDP measures the monetary value of the final goods and services, that is, those purchased by the end-user, produced in a country in a given period of time. It is used to measure the size of an economy and the overall growth or decline of a nation’s economy. It indicates the economic health of a country and specifies the standard of living of the people of a specific country, that is, as GDP increases, the standard of living of the people of that country increases. A country with a good GDP is considered a good country to live. In India, there are three main sectors that contribute to GDP; industry, services sector and agriculture, including allied services. GDP is the main indicator to determine the growth of a country’s economy. There are many approaches to calculate GDP.

 



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