You may have heard the term GDP a lot of times, and tried to think what it is actually. GDP plays a major role in the development of a nation. It is a measure to develop the economy of a nation. What if I tell you that you get associated with the term GDP on a day to day basis. When you drink a cup of coffee at some restaurant or take a ride in a taxi, all this gets included in the GDP of a country. You may still wonder what actually is GDP, so let's get straight to the point. Full Form of GDP? GDP stands for Gross Domestic Product. What is GDP? GDP is the total value of goods and services produced in a country during the period of one year. In simpler sense, it is the official measure of a country's economy health. GDP can be considered a way in which goods and services are converted to their monetary value. So you can say that GDP is the monetary value of all the finished goods and services produced within a c...
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