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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