Question

​ What are the steps involved in the estimation of GDP? Who conduct this process?

Answer 1

Answer:

The first method is based on economic activity (at factor cost), and the second is based on expenditure (at market prices). Further calculations are made to arrive at nominal GDP (using current market price) and real GDP (inflation-adjusted).

Answer 2

Answer:

Total production of each sector is calculated by adding the values of final goods and services produced in that sector in that year. 2. The values of all three sectors are then added, and the sum of this is the Gross Domestic Product (GDP)

The government conduct this process of estimation of GDP.