GDP: Gross Domestic Product
GDP Full Form
GDP Full Form: GDP represent for Gross Domestic Product. this can be the full market price of all merchandise, merchandise, and services the country produces at anybody time. it’s wont to live the country’s economic process, overall growth, or the recession.
It reflects the economic health of a rustic and determines the standard of lifetime of individuals during a specific country, that is, with the rise in GDP, the standard of lifetime of individuals in this country will increase. a rustic with sensible GDP an honest country is that the goal of health. In India, there are 3 main sectors that contribute to GDP. Sector, industry, and agriculture, together with connected services.
History
The basic idea of GDP was introduced by William Betty between 1652 and 1674 to protect homeowners from unfair taxes between the Dutch and the British. Later, this method was developed by Charles Devant. The modern concept was proposed by Simon Kuznets in 1934. After the Bretton Woods Summit in 1944, it became an important tool for measuring the country’s economy
Read This:IMF Full Form
How To Calculate?
There are many ways to calculate GDP. Simply put, it is equal to the total value of total consumption, total investment, government expenditure and exports.
GDP = COE + GOS + GMI + TP & M ? SP & M
GDP = private consumption + gross investment + government spending + (exports ? imports)