What is the full form of GDP ?

Answer:

Gdp Definition: GDP Full Form: Gross Domestic Product

Gdp Description:
GDP full form or meaning is the Gross Domestic Product.
GDP means the entire production of any country. The entire production that takes place in the field of agriculture, industry and services is called GDP of that country.
Mix the products and services that are ready in a country in 1 year, and price it according to the market, then it is called the GDP of that country’s economy.


For example, let us assume that only one product is made in India and that is a pen. If 10 pens of 20 rupees were made in a year, then India’s GDP was Rs 200.
In other words, we can say that GDP means complete production of a country of 1 year
With the help of GDP, we can easily measure the economy and progress of the country.
GDP shows the economic status of a country, hence it is also called growth rate.
The GDP calculation began in the US in 1934 when American economist Simon Kuznets presented the National Income Report 1929 to 1934 in the American Parliament.
In this report, for the first time, he included the value of every product and services in the country.
In India too, the economy is measured on the basis of GDP since 1950.
A standard formula has been prepared for calculating GDP, which is considered by most countries of the world today and calculates the GDP of their country accordingly.
GDP = C + I + G + (X – M)
here c stands for- Consumption(all private consumer spending within nation economy)
I stand for- the sum of a countries investment
G stands for – total government expenditure
X stands for – total export of the country
M stands for – total imports of the country

or in other words, we can use this formula
GDP = total private consumption + total gross investment + total government investment + total government spending + (exports – imports). please note that, Nominal value changes due to shifts in quantity and price.
When the GDP calculation of any country is done, apart from agriculture, industry and service, the most