Question

What are steps involved in the estimation of gdp

Answer 1

Gross Domestic Product (GDP)

1. The monetary value of all the finished goods and services produced within a country 's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

• GDP = C + G + I + NX"C" is equal to all private consumption, or consumer spending, in a nation 's economy"G" is the sum of government spending"I" is the sum of all the country 's businesses spending on capital"NX" is the nation 's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)

Answer 2

Gross domestic product (GDP) is the single standard indicator used across the globe to indicate the health of an economy. Policy makers, investors, economists, businesses, bankers, politicians, and even the media keep a close watch on GDP estimates. GDP provides one single number that represents the monetary value of all the finished goods and services produced within a country's borders in a specific period. GDP may be easy to define but it is complex to calculate, and countries across the globe have different methods to arrive at their country's GDP. This article discusses how India calculates.

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