GDP Full Form

Full Form of GDP

The Full Form of GDP is Gross Domestic Product. GDP is the total market value of all the goods and services produced within a country every year. Gross Domestic Product measures the monetary values of final goods and services.

gdp full form
gdp full form

This is used to measure the overall growth of the nation within a year and development of the economy. GDP increases the standard of the living of the people and the country. A country who has high GDP rate is considered as good and rich country for living.

There are three main sectors that contributes with GDP:-

  • Service sector
  • Agricultural sector including allied services
  • industrial sector

There are many different approaches to calculate the GDP:-

  • Income approach
  • Production approach
  • Expenditure approach

This is the formula to calculate the Gross Domestic Product:-

Gross Domestic Product=Private Consumption + Gross Investment + Government Spending + Export and Import

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