Question

what is GDP how is the data for GDP collected how it is calculated

Answer 1

Explanation:

GDP is the Gross Domestic Product, which is the total monetary measure of the market value of all the goods and services produced annually within an economy.

GDP is calculated through: GDP= private consumption + gross investment+ government spending+ (exports-imports) or GDP=C+I+G+(X-M). Most countries calculate GDP by adding up all the money earned annually, or adding up all the value-added annually, or adding up all the money spent annually.

GDP, therefore, transforms the money-value measure, nominal GDP to an index for the quantity of all the total output.

Answer 2

Answer:

The sum of the production in the three sectors (i.e. Primary, Seconday and Tertiary sector) gives Gross Domestic Product of a country.