Full form of GDP in Economics | Do you know what is GDP full form?

Full form of GDP in Economics

The full form of GDP stands for Gross Domestic Product

GDP full form in economics - The gross form of GDP is a Gross Domestic Product. It is called gross domestic product in Hindi. GDP is called gross domestic product. It is a fundamental measurement of the economic performance of any economy. 

GDP is the market value of all final goods and services within a nation's limits in a year. GDP is generally 365 days a year in a fixed time frame equal to the total expenditure incurred for all final goods and services produced within a country. 

Each stage of construction by all industries within a country at the intermediate stage is equal to the sum of the total increased value at the intermediate stage and the subsidy-free tax on the products.

GDP is used to measure the size and overall growth of an economy or the decline in a nation's economy. Friends, it indicates the economic health of a country and also specifies the standard of living of the people of a particular country. 

As GDP increases, the standard of living of the people of that country also increases. In today's time, a country with good GDP is considered a good country for living purposes. 

In India, there are three main sectors contributing to GDP, industry, services sector and agriculture including allied services. 

GDP is the primary indicator that determines the growth of a country's economy. 

Friends, there are several approaches to calculating GDP. If we talk about a simple approach, then it is equal to total private consumption, gross investment and government expenditure.