how do we estimate gdp
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Start with consumer spending. Consumer spending is the measure of all spending a nation's consumers make on good and services during the year. ... Add in investment. ... Insert the excess of exports over imports. ... Include government spending.
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The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports).
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