what is the full form of gdp

GDP stands for Gross Domestic Product. It is the total monetary value of all finished goods and services produced within a country during a specific period of time, usually a quarter or a year. GDP measures the monetary value of final goods and services produced in a country in a given period of time. It is composed of goods and services produced for sale in the market and also includes some non-market production, such as defense or education services provided by the government. GDP is used to estimate the size of an economy and its growth rate, and it is often cited in newspapers, on the television news, and in reports by governments, central banks, and the business community. GDP can be calculated in three ways, using expenditures, production, or incomes, and it can be adjusted for inflation and population to provide deeper insights. Real GDP takes into account the effects of inflation while nominal GDP does not. GDP is a key tool to guide policymakers, investors, and businesses in strategic decision-making.