GDP

GROSS DOMESTIC PRODUCT (GDP)

- Gross means total
- Domestic means within the geographical boundaries
- Product means production of things, goods or services.

The last monetary value of goods / services produced in a financial year within the boundaries of a country is call gross domestic product.

India's GDP = $1.8 t (t = trillion)

World highest GDP :--
1) USA ---- $ 14.7 t
2) China --- $ 7.6 t
3) Japan --- $ 1.8 t
 India --- $ 1.8 t

Growth rate of GDP :---
1) China --- 9%
2) Brazil --- 6%
3) India --- 5.6%

Growth rate of developed countries is always less than developing countries.

SECTORS OF GDP :----
There are 3 sectors by which a country calculates its GDP
They are :--
a) Agriculture
b) Industry
c) Service

In India,
Agriculture sector - 20%
Industry sector - 27%
Service sector - 53%
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Central statistical Organisation (CSO)

- It was established on 2nd may, 1951
- Head quarter - Kolkata
- It calculates GDP for a financial year in Indis.