Full Form of GDP
GDP : Gross Domestic Product
Basically GDP is :
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 economy of Countries. It is the primary indicator of the country’s health. In terms of GDP, India is currently a $2.3 trillion economy, 7th largest in the world.
How GDP impacts 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.
How to Calculate GDP
(Full Form of GDP is Gross Domestic Product)
The formula for GDP is:
GDP = C + I + G + (Ex - Im)
where “C” equals spending by consumers,
“I” equals investment by businesses,
“G” equals government spending and
“(Ex - Im)” equals net exports,
that is, the value of exports minus imports. Net exports may be negative.
GDP of Top 10 Countries :
China : China is the Second most powerful Economy all over the world with an estimate of about 11.2 Trillion USD. China is also the Most populated country in the world i.e. about 1.3 Billion People which is really HUGE.
Japan : Japan is the third most powerful Economy all over the world with an estimate about 4.95 trillion USD.
Germany : Germany is the Fourth most powerful Economy all over the world with an estimate of about 3.48 Trillion USD. It has most powerful economy in Euro zone.
United kingdom : United Kingdom is the Fifth most powerful Economy all over the world with an estimate of about 2.65 Trillion USD. It is among the world’s largest producers of iron, steel, coal, chemicals, machinery, automobiles, and machine tools. Nevertheless, the country’s strongest sector is the services sector, which accounts for 69.3% of the total GDP.
France : France is the Sixth most powerful Economy all over the world with an estimate of about 2.47 Trillion USD. The services sector accounts for 78.9% of total GDP, followed by the industry sector (19.4%) and the agriculture sector (1.6%).
India : India is the Seventh most powerful Economy all over the world with an estimate of about 2.26 Trillion USD. In the past years Economy of india has became Open Economy which has increased the Economy so rapidly.
Italy : Italy is the Eighth most powerful Economy all over the world with an estimate of about 1.87 Trillion USD. The countries major industries include tourism, machinery, iron and steel, chemicals, clothing, and food processing.
Brazil : Brazil is the Nineth most powerful Economy all over the world with an estimate of about 1.70 Trillion USD. Brazil is still recovering from a strong recession in 2015 and 2016. Before the recession, the countries economic output was reported significantly higher at almost USD 2.5 trillion in 2013 and 2014.
Canada : Canada is the Tenth most powerful Economy all over the world with an estimate of about 1.50 Trillion USD. Canada has seen a huge increase in GDP over the last 50 years. In 1960, it was reported at only USD 41,093.45 million.
