Overview Of Gross Domestic Product
Gross Domestic Product (GDP) is a summation of a nation's economic activities. It is for a specified period of time and gives us the monetary value of the goods and services produced within a country.
John Keynes introduced the idea that economic activities are driven by demand, thus if economy is measured in terms of what is spent, then the level of production in the economy can be measured. The concept accounts for only the goods and services produced within a nation's boundaries and hence the name Gross Domestic Product. These goods and services may have been produced either by foreigners or by citizens.
Theoretically, Gross Domestic Product is based on one of the following and total of each one should be the same:
- Amount of money spent - Expenses
- Amount of goods and services sold - Output
- Amount of Income earned - Income
Gross Domestic Product is one of the most important macroeconomic numbers for a nation as it helps identify the problem within the economy and also forms the basis for rectifying and improving it. GDP can also be used to analyse how a country has performed over a period of time and to compare it with other countries as well.
Components of Gross Domestic Product
GDP = C + I + G + (X - M).
C = Consumption
This refers to the good and services within the economy. Goods can be classified as consumer durable and non-durable goods. Service refers to services delivered by industries such as healthcare, banking etc.
I = Investment
Investments include those from businesses to produce consumer goods. It also entails residential construction. It also includes changed in inventory levels of businesses.
G = Government Spending
Government spending encompasses the amount spent by the government on sectors such as defence, education etc. It includes both state and central government expenses.
X- M = Net Exports or Exports - Imports
Exports are added to the Gross Domestic Product whereas Imports are reduced from the same. Exports represent the goods and services purchased made by outsiders which are produced within the domestic economy. Imports are purchases made by residents of goods and services produced outside the national boundaries. If net exports are negative it means the country is in a deficit.
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