what is the importance of GDP
Dear Student,
a.The value of final goods and services produced in each sector in a year provides for total production in that sector.
b. The sum of production in all three sectors thus gives us Gross Domestic Product,
c. This GDP is calculated by the Central government , which collects information data from various government departments to get the final value of goods and services and then to calculate GDP.
d. GDP gives you a holistic picture about the economic performance of particular sector and accounts for country's growth and progress.
e. It gives us a picture about health of our economy, and also helps in comparing growth in various sectors of economy.
Regards
a.The value of final goods and services produced in each sector in a year provides for total production in that sector.
b. The sum of production in all three sectors thus gives us Gross Domestic Product,
c. This GDP is calculated by the Central government , which collects information data from various government departments to get the final value of goods and services and then to calculate GDP.
d. GDP gives you a holistic picture about the economic performance of particular sector and accounts for country's growth and progress.
e. It gives us a picture about health of our economy, and also helps in comparing growth in various sectors of economy.
Regards