What does GDP stand for or the Full Form of GDP?
The short answer is, GDP is an abbreviation for “Gross Domestic Product”.
In detail, GDP is an abbreviation for Gross Domestic Product. It is the total market value of all goods and services which is produced within a country in a specific period of time. GDP is a measurement that the government used to measure the size of an economy and also overall growth or decline in the economy of a nation.
How to calculate GDP?
Formula of GDP is GDP = private consumption + gross investment + government investment + government spending + net export.
- To compute the GDP the national income accounts use market prices.
- Used goods aren’t included in the calculation.
- Only the value of final goods counted in GDP.