Full Form of GDP

Full Form of GDP

Full Form of GDP

Gross Domestic Product

GDP Full Form is Gross Domestic Product. It is the main indicator that helps to gauge the economy of a nation. It stands for the total value of all services and goods produced for a given period. It can also be thought as the size of the economy of a country. In general, GDP is projected in comparison with the preceding quarter of the year. GDP can be approximated in three ways to give out identical figures:

Full Form of GDP
Full Form of GDP

 

  • Based on Expenditure – The amount of money spent.
  • Based on Output – The number of goods and services sold.
  • Based on Income – The amount or percentage of profit earned.


GDP is constantly revised in order to obtain greater accuracy. GDP not only helps to measure the economy of a country but also helps to measure the contribution of industrial sector relatively.

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