full form of GDP.full form of GDP in economics

full form of GDP.full form of GDP in economics

full form of GDP

What is GDP?

The full form of GDP is Gross Domestic Product. GDP is the sum total of the value added of all the companies, sectors and individuals in the Indian economy. It is the primary indicator of the country’s health. In the terms of GDP, India is currently a $2.3 trillion economy, 7th largest in the world.

How it can impact you?

Since GDP is the indicator of a country’s economic health, it has the impact on issues that concern you as well such as jobs, personal finance, and investments. When a country shows robust economic growth, the benefit trickles down to individuals whose per capita income or the average income earned per person is increased, subsequently leading to higher expenditure and a better standard of living.

A higher GDP growth also means either a higher level of activity and more efficient activity in key sectors such as manufacturing, services and agriculture. If there are higher activities, it means more job creation and more productivity. A lower GDP number indicates slow down in the economy, which means there are lesser investment and lesser job creation.