what is GDP? How it is calculated?
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what is GDP? How it is calculated?
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Answer:Gross Domestic Product, abbreviated as GDP, is the total value of goods and services produced in a country. GDP is measured over specific time frames, such as a quarter or a year. GDP as an economic indicator is used worldwide to show the economic health of a country.
The GDP calculation accounts for spending on both exports and imports. Thus, a country's GDP is the total of consumer spending (C) plus business investment (I) and government spending (G), plus net exports, which is total exports minus total imports (X – M)
Answer:
The GDP calculation accounts for spending on both exports and imports. Thus, a country's GDP is the total of consumer spending (C) plus business investment (I) and government spending (G), plus net exports, which is total exports minus total imports (X – M).
Explanation:
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