Gross Domestic Product(GDP)is a basic measure of a countrys economic performance and is the market value of all final goods and services made within the borders of a nation in a year . It is a fundamental measurement of production and is very often positively correlated with the standard of living.
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Formula of Gross Domestic Product
personal consumption + gross investment + government consumption + net exports of goods and services
The most common approach to measuring and quantifying GDP is the expenditure method: GDP = private consumption + gross investment + government spending + (exports – imports), or, Gross Domestic Product = C + I + G + (X – M).