Question

define gross domestic production. who collects the data for GDP?

Answer 1

The total value of goods produced and services provided in a country during one year.

The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation is responsible for collecting data.

Answer 2

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GDP stands for Gross Domestic Product.

• It is the sum total of all final goods and services produced in a country during a particular year. It shows how big the economy is.

GDP = C + I + G + (X – M)

where

• C = private consumption
• I = gross investment
• G = government investment + government spending
• X = exports
• M = imports