BANKING AFFAIRS

Detailed explanation-1: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.

Detailed explanation-2: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

Detailed explanation-3: -Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.

Detailed explanation-4: -To avoid double counting-adding the value of output to the GDP more than once-GDP counts only final output of goods and services, not the production of intermediate goods or the value of labor in the chain of production.

Detailed explanation-5: -Gross domestic product (GDP) is the standard measure of the value-added created through the production of goods and services in a country during a certain period. GDP can be calculated in three ways: income, expenditure and production method.