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GDP
1.
2. India has emerged as the fastest growing major
economy in the world as per the Central Statistics
Organisation (CSO) and International Monetary Fund
(IMF).
US Economy is about 22% of World Economy.
CHINA’s Economy is 50% of US Economy.
CHINA’s Economy is 4 times bigger than Indian
Economy.
3. Low in per capita and yet India is the third largest
Economy in Asia.
PAKISTAN’s economy is less than 13% of Indian
Economy.
4. What is GDP ?
Significance of GDP ?
How to determine GDP ?
5. Gross domestic product (GDP) is the monetary value of
all the finished goods and services produced within a
country's borders in a specific time period.
Income from abroad does not add in GDP.
GDP is usually calculated on an annual basis, it can also
be calculated on a quarterly basis.
6. GDP is commonly used as an indicator of the economic
health of a country.
GDP can be used to compare the productivity of various
countries with a high degree of accuracy.
Adjusting for inflation from year to year allows for the
seamless comparison of current GDP measurements
with measurements from previous years or quarters. In
this way, a nation’s GDP from any period can be
measured as a percentage relative to previous periods.
7.
8. There are three primary methods by which GDP can be
determined :-
Expenditur
e approach
Production
approach
Income
approach
9. This is the most common method to calculate the
monies spent by the different groups that participate in
the economy.
10.
11.
12. The production approach estimates the total value of
economic output and deducts costs of intermediate
goods that are consumed in the process, like those of
materials and services.
13. Production approach
Estimate the gross value of domestic output out of the
many various economic activities;
Determine the intermediate consumption, i.e., the cost
of material, supplies and services used to produce final
goods or services.
Deduct intermediate consumption from gross value to
obtain the gross value added.
Gross value added = gross value of output – value of
intermediate consumption.
14. GDP calculated this way also called GDI.
Measure GDP by adding incomes that firm pay
households for factors of production they hire wages
for labour, interest for capital, rent for land and profits
for entrepreneurship.
16. Income approach
The sum of all the components of Income approach is
called National Income.
GDP= Total National Income + GST + Depreciation +
Net Foreign Factor Income
