Full form of GDP, what is the complete form of GDP? GDP

GDP full form, What's The Full form of GDP?

GDP

gross domestic product (GDP)

GDP stands for Gross Domestic Product. The total market price or value of the goods/product00s and also the services produced in a country is known or understood as the GDP of a country/nation. Its measures are the monetary or final value of the ultimate/final goods and services (final goods and services are those who are bought by the ultimate/final user) produced in a country in a certain or given period. It gives us info about the size of an economy and overall growth or decline of a country. It is also thought that nation with a high GDP has a better living standard, yes it is true because GDP indicates the economic health as well as the living standard of the people of a country, i.e. as the GDP of a country increases the living standard of the people of that country also increases. So, a country having a higher GDP is also considered as a good country for living purposes.

Fact: a country with a higher Gross Domestic Product also has a high currency value.

In India, three main sectors contribute to GDP that are:

1. Industries

1. Service sector

1. Agriculture  

There are many ways to calculate Gross Domestic Product, to know how to calculate GDP click here

Thank you for reading.......

By: The Knowledgers