GDP

GDP
The India GDP is a combination of all the differential factors, contributing to the welfare of the India economy. India GDP gives us a combined report of the performance of the Indian economy. 'Cost factor' or 'Actual price' method - these are the two methods to calculate Indian Gross Domestic Product. The main factor that contributed to the growth of India GDP post 1990s was the opening-up of the Indian economy.


Definition of GDP

GDP (the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year))

What is GDP?

GDP – or Gross Domestic Product – is a measure of the overall economic output within a country’s borders over a particular time, typically a year.

GDP is calculated by adding together the total value of annual output of all that country’s goods and services.

GDP can also be measured by income by considering the factors producing the output – the capital and labour – or by expenditure by government, individuals, and business on that output.

* Real GDP is the gross domestic product adjusted for inflation
* Nominal GDP is the gross domestic product without taking into account inflation.


What is the GDP growth rate?

The change in GDP from one year to the next (or from quarter to quarter) can be given as a percentage. This is called the GDP growth rate.

The real GDP growth rate is a much more useful measure of economic growth than the nominal rate.

If a country’s GDP is growing at a nominal rate of 5% but inflation is running at 4%, only 1% of the growth is down to improved economic output. The rest is just because prices of