GDP Full-Form | What is The Full form of GDP?
GDP Full Form: Full form of GDP is Gross Domestic Product. It is also called a total domestic product. The total quantity of goods and services produced within a year is called gross domestic product or GDP, in the economy of a country. Every country in the world, whether it is America, Russia, China, England or India, releases data of GDP every year. GDP growth of each country would be different- someone is 7.6%, and someone is 5.3%.
Most people do not fully understand GDP, but they know that the higher the GDP, the better it will be for the country, and the country’s economy will grow. Conversely, the lower the GDP, the worse it will be for the country, and the country’s economy will falter.
The total quantity of goods and services produced is then shared among the workers of the means of production as their remuneration. Therefore, the easy way to know GDP is to know the remuneration of the means of production, the sum of which will be equal to ‘GDP’. This approach is called the income approach.