Q. 184.4( 5 Votes )
Explain the steps involved in the estimation of GDP.
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).
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