Question

Consider the following with respect to GDP
1. GDP accounts for all goods and services produced by Indian Nationals only
2. GDP data is provided on a quarterly basis
3. CSO is the Organization responsible for calculating the GDP

Which of the above statements are correct?

• A. 1 only
• B. 1 and 2
• C. 2 and 3
• D. 1 ,2 and 3

Answer 1

The correct option is C 2 and 3

Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.
GDP accounts for all goods and services produced within the physical boundary of India, It can include goods produced by both Indian and Foreign entities.

GNP accounts for goods and services produced by Indian Nationals only GDP data is provided on a quarterly basis.
The central statistical office, or CSO, is responsible for compiling data for calculating GDP. It aggregates the GDP data by coordinating with several federal and state-run agencies.