GDP – Full Form of GDP
GDP – Full Form of GDP


GDP – Full Form of GDP


GDP – Full Form of GDP is Gross Domestic Product and is used to specify the economic condition of the country as well as the living standard of its people.
                                               If the GDP of a country is high then its economic condition is good and the living standard of people is also good and if the GDP is low then the condition of the country and its people is not good.GDP is the most important factor to determine the growth and progress of a particular country.
In proper definition, GDP – Full Form of GDP is defined as the monetary measure of the market value of all the goods and services produced in a country in a particular period mostly in a year.
To know the development and progress of a particular country, GDP of that country is considered and hence GDP is called, “Worlds most powerful statistical indicator“
Above I tried to explain to you (GDP – Full Form of GDP) by giving you a brief introduction about the article (GDP – Full Form of GDP). Now I will explain to you GDP calculation and a brief history.

GDP Calculation


GDP – Full Form of GDP
GDP – Full Form of GDP

There are many different ways to calculate GDP. But mostly the GDP is usually calculated by adding,

  • private consumption, 
  • gross investment,
  • government spending plus the worth of exports minus imports i.e.


Gross Domestic Product(GDP) = Private Consumption(PC) + Gross Investment(GI) + Government Spending (Exports – Imports).

The ratio of GDP and the total population of the region is called the Per capita GDP of that region. And for calculating the Mean standard of living, the same ratio is considered.

GDP History


Willam Petty first came up with the idea of GDP to punish landlords against unfair taxation. During the fight between the Dutch and the English between 1654 and 1676, he introduced GDP.

Criticisms of GDP


GDP – Full Form of GDP
GDP – Full Form of GDP 

    • Since the use of GDP came into existence, many scholars have pointed out the limitations of GDP. Usually for measuring the social and economic growth of the country.
    • Many environmentalists argue that GDP is a poor measure of the country's social progress. Because it does not take into account the harm to the environment. 
    • On the other hand, many other economic scholars like Amartya Sen have pointed out that an increase in GDP may not necessarily lead to a higher standard of living.

    GDP BY COUNTRY

    USA GDP


    The USA’s GDP and economy are highly develop. And therefore, the USA’s economic growth is very high among all the countries in the World. USA GDP 2019 was around $21 trillion.

     The United States of America has the world’s largest economy by nominal GDP. The USA’s GDP AND the USA’s economic growth are very high as compared to other countries. And therefore, the USA’s economic size is also really vast. USA has the world’s eighth-highest per capita GDP. 
                                                                The current GDP of the USA is $21.439 trillion (2019 est.) and GDP per capita of the USA is $65,112 (2019 est.)

     Per capita income of USA: The Per capita income of the USA is, estimated at $65,112 in the year 2019. And it was the highest among all the countries.

     The Per capita income of the USA is, usually calculated yearly. And is available from Dec 1929 to Dec 2019.

     GDP growth rate:
    USA’s GDP growth rate in 2019 was 2.1 percent. And therefore in 2020 the USA GDP growth rate or the United States GDP Annual growth rate will be projected to trend around 1.80 percent which is very powerful.

    INDIA GDP


    Since India is a developing nation, the economy of India or India’s GDP is a developing market economy. INDIA GDP is the world’s fifth-largest economy by nominal GDP and third-largest by purchasing power parity (PPP). 
                                                                                                   The current GDP of INDIA 2019 or India GDP 2019 is $2.936 trillion as estimated in the year 2019.

     In India, GDP growth rate depends upon three components i.e 

    • Agriculture,
    • Industry 
    • and Services.

    The Indian economy growth rate will be positive in the long term as it has a young population with a
    • the low dependency ratio,
    • health savings,
    • and investments.

    In the coming years, the Indian GDP and economy will boom because of the young population and the big market. And therefore it will attract more and more countries to invest in India.

     GDP per capita of India:

     The GDP per capita of India is, estimated at $2,172 in the year 2019. And therefore, the GDP rank is fifth in the world in the year 2019.

     GDP growth rate of India:

     The GDP growth rate of India is, estimated at around 6.9 percent in the year 2019. And the GDP growth rate of India is going to grow in the coming year i.e 2020.

      ALSO READ: 100+ FULL FORMS OF COMPUTER

    Conclusion


    In the article (GDP – Full Form of GDP) we have discussed the full form of GDP in detail. We also discussed how to calculate GDP and saw the GDP of some countries. Go through the article completely and you will certainly understand GDP in full detail.

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