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Question

What is Gross Domestic Product (GDP)? How is it measured?


Solution

The value of the final goods and services produced in each sector during a particular year provides the total production of the sector for that year. Thus, GDP is the sum value of the final goods and services of the three sectors (Primary, Secondary and Tertiary) produced within a country during a particular year. In India, the task of measuring GDP is undertaken by a Central Government Ministry. This ministry, with the help of various government departments of all the Indian states and union territories, collects information relating to total volume of goods and services and their prices and then estimates the GDP.

Economics

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