GDP Full Form | What is the full form of GDP |GDP full form in economics

gdp full form (Last Updated On: June 1, 2020)

GDP Full Form:- GDP का पूरा नाम Gross Domestic Product है| जीडीपी एक देश के भीतर उत्पादित सभी वस्तुओं और सेवाओं का कुल बाजार मूल्य है | जो एक विशिष्ट अवधि में होता है | GDP stands for Gross Domestic Product. It means the market value of all goods and services produced. In an economy within the domestic territory in an accounting period including depreciation. Domestic territory of any country means not only the geographical area of a country. But also the area where the people and goods of that country have the freedom to move.

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annuallyNominal GDP is more useful comparing national economies on the international market.

The OECD defines GDP as “an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).” An IMF publication states that, “GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year).”

Total GDP can also be broken down into the contribution of each industry or sector of the economy.The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living. GDP is considered the “world’s most powerful statistical indicator of national development and progress”


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