What is the Full Form of GDP
Full Form of GDP
The full form of GDP is Gross Domestic Product. This is a monetary measure of the market value of all the final goods and services produced in a regular period by countries. Due to its complex and subjective nature, this measure is usually revised before being considered a reliable indicator.
What Is Gross Domestic Product
Gross domestic product (GDP) is the total monetary or market value of all the finished products and services produced within a country’s borders in a particular period. As a broad measure of the overall domestic production of goods, it functions as a comprehensive scorecard of a given country’s economic power. Though GDP is typically calculated every year, it is sometimes calculated every quarter as well. In the U.S., for example, the government releases an annualized GDP estimate for each financial quarter and also for the final calendar year. The individual data sets included in this report are given in real terms, so the data is adjusted for price changes and is, therefore, net of inflation. Know more at Wiki.
Types of Gross Domestic Product
GDP can be reported in several ways, each of which provides slightly different information.
- Nominal GDP
- Real GDP
- GDP Per Capita
- GDP Growth Rate
- GDP Purchasing Power Parity (PPP)
The GDP of a country can be determined via three primary methods. All three methods should calculate the same figure when correctly calculated. These three approaches are often termed the expenditure approach for GDP, the output (or production) approach, and the income approach.
History of GDP
The concept of GDP was first proposed in 1937 in a report to the U.S. Congress assembly in response to the Great Depression, conceived of and presented by an economist at the National Bureau of Economic Research (NBER), Simon Kuznets. Here we have discussed the full form of GDP and its basics. We are also detailing briefly the GDD. At the time, the preeminent system of measurement was GNP. After the Bretton Woods conference in 1944, GDP was widely adopted by many countries as the standard means for measuring national economies; however, the U.S. continued to use GNP as its official measure of economic welfare until 1991, after which it switched to GDP.
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