Question

what is the uses of GDP answer point wisely atleast 6 points​

Answer 1

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 2018 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.

Answer 2

Economists use real gross domestic product (GDP) when they want to monitor the growth of output in an economy. Nominal GDP, typically referred to as just GDP, usesthe quantities and prices in a given time period to track the total value produced in an economy over a certain time.

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