Full form of GDP
The full form of GDP is a Gross domestic product.
What is GDP?
Full form of GDP-Gross domestic product (GDP) is a measure or a means of measuring the economic health of any country. The term GDP was first used by American economist Simon between the period1933 to 1944. This was the time when the world’s largest banking institutions were working on measuring the economic development of the country, but by then no such parameter could be determined so that the economic development of the country could be easily understood and others To explain.
Then the US Parliament called Congress, the economist Simon used the word GDP and many argued in favour of it which most people agreed. After this, the International Monetary Fund (IMF) started using this term. After the International Monetary Fund (IMF), all countries started using this term to calculate their economic development. Let me inform you that the GDP in India is calculated every quarter. The GDP figure depends on the growth rate of production in the major production sectors of the country.
This formula is used to extract GDP –
Gross domestic product = private consumption + gross investment + government investment + government spending + (export-import) GDP deflator (deflator) is very important, inflation is measured by this. Unrealistic (nominal) GDP is divided from the real GDP and multiplied by 100 to calculate it.
How vital the GDP is for a country?
GDP is used to understand the level of development of the economy of any country. The economy of that country is considered good when it has a good GDP. If the country’s GDP declines, the economy of that country is not considered good, whose entire blame is given to the government of that country, because the country’s government determines the economic policy of its country. Due to the wrong policy, the whole country has to face heavy losses. On this page, what is GDP, its full form of GDP and about extracting GDP are being told?