What is GDP ? GDP full form and meaning: GDP (Gross domestic product) GDP is called the total market value of the services and goods which are provided within the country boundaries during a year.
It is an important growth rate which shows economic performance of a country. GDP indicates the economic health and specifies the standard of living of the people of that specific country. If GDP Full Form increases the standard of living of people also increases.
There are three methods to measure the GDP
- Output Method
- Expenditure Method
- Income Method
Output method
It measures the market value of all the goods and services which are provided within the country.
Expenditure Method
This measures the expenditure of all goods and services which are within the domestic boundaries of country.
Income Method
It helps in measure the total income which is earn by production factors.