GDP – Gross Domestic Product
Gross Domestic Product is the total market value of all the goods and services produced within a country in a specific duration of time. It is considered as an indicator of the standard to living of the people of that country. A country with good GDP numbers is considered better in terms of financial condition.
How to Calculate the GDP
It is equal to total of consumption, gross investment and government spending, plus the value of exports, minus imports.
Or, in a formula it can be written as :-
GDP = private consumption + gross investment + government spending + (exports − imports)