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:
- 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.
