What is GDP? Explain the process to calculate GDP?
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The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the Q3 2017 GDP of a country is up 3%, the economy of that country has grown by 3% over the third quarter. While quarterly growth rates are a periodic measure of how the economy is faring, annual GDP figures are often considered the benchmark for the size of the economy.
In the United States, real GDP increased at an annual rate of 2.6 percent in the fourth quarter of 2017, according to figures released by the Bureau of Economic Analysis. For all of 2017, GDP grew 2.3 percent. Current-dollar GDP increased 4.1 percent, or $762.3 billion, in 2017 to a level of $19,386.8 billion.
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The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the Q3 2017 GDP of a country is up 3%, the economy of that country has grown by 3% over the third quarter. While quarterly growth rates are a periodic measure of how the economy is faring, annual GDP figures are often considered the benchmark for the size of the economy.
In the United States, real GDP increased at an annual rate of 2.6 percent in the fourth quarter of 2017, according to figures released by the Bureau of Economic Analysis. For all of 2017, GDP grew 2.3 percent. Current-dollar GDP increased 4.1 percent, or $762.3 billion, in 2017 to a level of $19,386.8 billion.
Read more: What is GDP and why is it so important? https://www.investopedia.com/ask/answers/199.asp#ixzz5A1KdM1PR
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Pujita4:
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GDP is the value of all final goods and services produced within a country during a particular year .
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