GDP full form
GDP Full Form is Gross Domestic Product. The total market value of all the goods, products as well as services produced in a country in a definite period of time is GDP. You can get complete details such as जीडीपी को हिंदी में क्या कहते है, Definition, What is GDP Formula, Types etc from this article. Through Gross Domestic Product, the size of an economy and overall growth or decline in the economy of a nation can be measured.
If any country having good GDP, considered as a good country for living purpose. In India, there are three main parts that contribute to Gross Domestic Product that are industry, service sector and agriculture including allied services.
GDP full form
One of the most broadly used tools to determine the economy of country is Gross Domestic Product. The calculation of GDP is done by countries themselves along with occasionally by world organizations such as the World Bank, the International Monetary Fund, and the United Nations.
In the United States of America (USA), GDP is measured by the Bureau of Economic Analysis (BEA) quarterly at the Department of Commerce of United States and it is also used by the Federal Reserve to analyze monetary policy.
William Petty specified the basic concept of Gross Domestic Product to secure landlords against unfair taxation between the Dutch and the English between 1652 and 1674. Afterwards, Charles Davenant developed this method. In the year of 1934, the modern concept of Gross Domestic Product was first developed by Simon Kuznets. However, in 1944, Bretton Woods conference develops the concept of GDP and it became the main tool to evaluate the country’s economy.
जीडीपी को हिंदी में क्या कहते है?
एक साल में देश में पैदा होने वाले सभी सामानों और सेवाओं की कुल वैल्यू कोग्रॉस डोमेस्टिक प्रोडक्ट (Gross Domestic Product) यानी सकल घरेलू उत्पाद (जीडीपी) कहते हैं| भारत जैसे कम आमदनी वाले देश के लिए साल दर साल अधिक जीडीपी ग्रोथ हासिल करना ज़रूरी है ताकि देश की बढ़ती आबादी की ज़रूरतों को पूरा किया जा सके|
Definition of ‘Gross Domestic Product’
Gross Domestic Product is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. The growth rate of Gross Domestic Product (GDP) is a significant indicator of the country’s economic performance.
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Formula for Calculating GDP
There are three different ways that economists and statisticians can calculate the Gross Domestic Product of country:
Expenditures: Value of everything that is purchased within the country plus that country’s net exports to other countries.
Income: Income of all the individuals as well as businesses within the country. It is also known as domestic income.
Production (Output): Market value of everything that is produced within the country.
Formula to Calculate GDP:
GDP = COE + GOS + GMI + TP & M ? SP & M
GDP = private consumption + gross investment + government spending + (exports ? imports).
It includes the testing expenditure on goods and services acquired by all individuals within the domestic boundaries of a country. According to expenditure system…..
GDP = C + I + G + NX
C – Personal consumption expenditure
I – Business investment
G – Government spending
X – Exports
M – Imports
NX = (X – M) which is a net export.
Some Other Full Forms:
This method estimates the overall revenue received by production factors, that is, labour and capital within a country’s national boundaries. According to the input method…..
GDP = A + T – S
A = GDP at Factor expense
T = Taxes
S = Subsidies
Output method calculates the market value of all goods as well as services produced within the country. To prevent a skewed calculation of GDP due to price level adjustments, Gross Domestic Product is measured at constant prices or actual GDP. According to the output system…..
GDP = B – T + S
B – GDP at a constant prize or real GDP
T – Taxes
S – Subsidies
What does “Product” stand for?
“Product” (in “Gross Domestic Product”) stands for production, or economic output, of final goods and services sold on the market.
Included in GDP:
Final goods as well as services sold for money. Only sales of final goods are counted, because the transaction concerning a good used to make the final good (for example, the purchase of wood used to build a chair) is already incorporated in the final good total value (price at which the chair is sold).
Not included in GDP:
- Unpaid work: work performed within the family, volunteer work, etc.
- non-monetary compensated work
- goods not produced for sale in the marketplace
- bartered goods and services
- black market
- illegal activities
- transfer payments
- sales of used goods
- intermediate goods and services that are used to produce other final goods and services
GDP Full Form FAQ’s
Question 1: What is the Full Form of GDP in India?
Answer: The Full Form of GDP in India is a Gross Domestic Product.
Question 2: What are the 3 types of GDP?
Answer: The three types of GDP are: Real Gross Domestic Product Nominal Gross Domestic Product Gross National Product.
Question 3: Which country has the highest GDP?
Answer: USA has the highest GDP approx 20 trillion.
Question 4: What is GDP?
Answer: Gross Domestic Product is the money value of all the goods and services produced within a country during a specified period (usually 12 months or a year).
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