what is GDP- Who decides GDP - How GDP is calculated
What is GDP what is GDP- Who decides GDP - How GDP is calculated Gross domestic product (GDP ) is the total monetary or market value of all goods and services produced within a defined time frame within a country. It is a comprehensive measurement of a country's domestic production, and it shows the health of a country's economy. It is usually calculated annually, but in India, it is judged every three months, i.e. quarterly. A few years ago, separate services like education, health, banking and computer services were also added to it. GDP is of two types : nominal GDP and real GDP. Nominal GDP is the sum of all figures at current prices, but the effect of inflation in real GDP is also adjusted. That is if the price of a commodity has increased by 10 rupees and rise is 4 per cent, then the increase in its real value will be considered as 6 per cent only. The central government has said to make the country a five trillion economy, for this the current price,...