Gross domestic product – GDP data Defination & Calculation
The gross domestic product (GDP) or gross domestic income (GDI) is a measure of a country’s overall economic output. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of living has come under increasing criticism and many countries are actively exploring alternative measures to GDP for that purpose.
GDP = C + G + I + NX
“C” is equal to all private consumption, or consumer spending, in a nation’s economy
“G” is the sum of government spending
“I” is the sum of all the country’s businesses spending on capital
“NX” is the nation’s total net exports, calculated as total exports minus total imports. (NX = Exports – Imports)
Tags: GDP, gdp data, gdp defination, gdp meaning
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