Question

What are the steps involved in the estimation of GDP who conduct this process

Answer 1

Gross Domestic Product (GDP)

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)

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Answer 2

GDP stands for Gross Domestic Product.

It is the market value of all officially recognised goods and services produced in a country within a year

The government conduct this process of estimation of GDP.