What is GDP - Information About GDP

#1. What is GDP - Information About GDP ?

GDP is used to understand the level of development of any country's economy. The economy of that country is considered good when it has a good GDP. If there is a fall in the GDP of the country, then the economy of that country is not considered good, whose all the blame is given to the government of that country, because the government of the country determines the economic policy of its country. The whole country has to face heavy losses due to wrong policy. On this page, what is GDP, its full form and how to calculate GDP is being told.

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#2. What is GDP ?

The term GDP was first used by American economist Simon between 1935-44. This was the time, when the world's biggest banking institutions were working on measuring the economic development of the country, but till then no such parameter could be determined, which could easily understand the economic development of the country and help others. to be explained

Then the US Parliament, which is called the Congress, there the economist Simon used the term GDP and many argued in favor of it, which most people agreed with. 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 growth.

GDP means Gross Domestic Product in Hindi language it is called Gross Domestic Product. It is used to measure the economy of a country, it can be understood in this way, how much is the market value of the goods and services produced within the border line of any country, if the price is high, the foreign country inside the country Money will come more so that the country will be able to develop at a faster rate, if the value of the goods and services produced is low, then the economic condition of that country is not right.

#3. What is the full form of GDP ?

The full form of GDP is Gross Domestic Product, it is used to calculate the economic development of the country.

How does GDP come out (How do GDP Come Out)

This formula is used to calculate GDP-

Gross Domestic Product = Private Consumption + Gross Investment + Government Investment + Government Expenditure + (Export-Import) The GDP deflator is very important, by which inflation is measured. To calculate this, the real GDP is divided by the unrealized (nominal) GDP and it is multiplied by 100.

GDP (Total Domestic Product) = Consumption + Total Investment

GDP = C + I + G + (X − M)

Consumption

Consumption refers to the amount spent by the person for the goods used for such as rent, food, medical expenses, it does not include the new house.

Gross Investment

Through this, the total expenditure done by all the institutions of the country within the limits of the country is calculated.

#4. Types of GDP

In calculating GDP, the value of goods and services within the country is calculated. The value of these goods and services changes over time, for which it is a bit difficult to calculate GDP, for this many indirect and average calculations are done on the basis of tax, GDP is of two types-

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Real GDP

A base year is determined to calculate the GDP of the country. In this article the price of goods and services is considered fixed. This type of GDP is called real GDP. In the Indian economy, this base year has been considered as 2011-12.

Unrealistic GDP

To calculate the GDP of a country, the current market price is considered as the basis, on the basis of this price, GDP is studied. Thus GDP is called unrealized (nominal) GDP. It accurately represents the economic development of the country through real GDP. It is very beneficial from the comparative point of view. This type of GDP has an immediate effect on the citizens of the country.

Here we have provided you information about what is GDP, full form of GDP and how GDP is generated, if any kind of question is coming in your mind related to this information, then through comment box.