GDP Full Form | What is the full form of GDP

GDP Full Form | What is the full form of GDP

GDP Full Form | What is the full form of GDP

William Petty appear with a basic concept of GDP to assault landlord against unreasonable taxation during warfare between the Dutch and the English between 1654 and 1676.

GDP Full form Gross Domestic Product

GDP is the market price or total market value of all goods,products and services produced within a country during a specified period of time ( one year ). GDP used to measure the volume of an economy and overall growth or decline in the economy of a nation. It is measures the monetary cost of final goods and services that is, those that are bought by the ultimate user, produced in a country in a given period of time. It's introduce the economic health of a country as well as specifies the living standard of the people of a specific country. A country having good GDP is considered as a good country for living purpose. GDP enhance the living standard of the people of that country raise. There are three main sectors that contribute to GDP in India,
1. Industry,
2. Service Sector &
3. Agriculture including allied services.

There are many way to calculate GDP. If we discuss about a simple way, it is equal to the total of private consumption, gross investment and government spending plus the value of exports, minus imports i.e. the formula to calculate GDP = private consumption + gross investment + government spending + (exports – imports).


Types of GDP measurements

Nominal GDP is measure the raw data and it more useful to compare the national economies on the international market.
Real GDP takes into account the impact of bulding out and allows comparisons of economic output from one year to the next and other comparisons over periods of time.
GDP growth rate is the increase in GDP by three months
GDP per capita measures GDP per person in the national public, it is a useful way to compare GDP data within various countries.

GDP Full Form In Biology

Note it. In biology GDP knowns as Guanosine diphosphate.