Answer :
GDP or Gross Domestic Product is the total value of goods produced and services provided in a country during one year and is used to measure a country’s economy. The data is collected by the Central Statistics Office (CSO) that falls under the leadership of the Ministry of Statistics and Program Implementation.
Steps involved in the estimation of GDP are as below:
1. Total production of each sector is calculated by adding the values of final goods and services produced in that sector in that year.
2. The values of all three sectors are then added, and the sum of this is the Gross Domestic Product (GDP).
Rate this question :
How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
view all courses
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation
RELATED QUESTIONS :
How does the publ
Social Science - Board PapersWhen we change na
Social Science - Board Papers