GDP FULL FORM

Full Form of GDP : Full Form of GDP is Gross Domestic Product.

What is the full form of GDP?

No:1. The full form of GDP is Gross Domestic Product.
No:2. It is the overall monetary or consumer value of all finished goods and services produced within the boundaries of a nation over a given time.
No:3. GDP serves as a specific measure of overall domestic output, as a detailed scorecard of the economic health of a given country.
No:4. When economists speak about the size of the economy, they refer to GDP.
No:5. The Gross Domestic Product (GDP) growth rate is a significant measure of a country’s economic growth.
No:6. When the GDP increases, the people’s living standards in that nation are also continuously rising.
No:7. For living purposes, a country with a high GDP is considered the right country.
No:8. In India, 3 significant sectors contribute to GDP
1). Agriculture
2). Manufacturing and
3). Service.

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Some Important points about History of GDP

No:1. William Petty gave the basic concept of GDP to defend the landlords from unfair taxation between the English and the Dutch between 1652 and 1674.
No:2. The Charles Davenant further developed this method.
No:3. Their modern concept was 1^st established in 1934 by Simon Kuznets.
No:4. It became the principal tool for measuring a country’s economy after the Bretton Woods conference in 1944.

Different types to measure GDP

There are various methods for measuring the GDP of the country, and it is eimportant to know all the various forms and how they are used. Following are the 3 methods to calculate GDP which are :

No:1. Income System :

This method estimates the overall revenue received by production factors, that is, labour and capital within a country’s national boundaries. According to the this method
GDP = A + T – S
Here
A = GDP at Factor expense
T = Taxes
S = Subsidies

No:2. Output System :

This method measures the market value of all goods and services produced within the borders of the country. To prevent a skewed calculation of GDP due to price level adjustments, it is measured at constant prices or actual GDP. According to this method :
GDP = B – T + S
Here
B – GDP at a constant prize or real GDP
T – Taxes
S – Subsidies

No:3. Expenditure System :

This method includes testing expenditure on goods and services incurred by all individuals within a country’s domestic boundaries. According to this method
GDP = C + I + G + NX
Here
C – Personal consumption expenditure
I – Business investment
G – Government spending
X – Exports
M – Imports
NX = (X – M) which is a net export.
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