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Reading the GDP data
Ministry o0f Statistics and Program Implementation has released an estimated data on GDP, which shows a growth rate of 8.7% in 2021-22. But the growth trajectory is neither uniform nor broad based, igniting the inequality in growth process and in the economy.
What is GDP and its components?
- Gross Domestic Product: The monetary value of all the goods and services produced within the political boundary of a country is known as Gross Domestic Product (GDP).
- Components of GDP: GDP consists of four major components; private consumption (C), expenditure by private investors(I), expenditure by the government (G) and net exports of the country (X-M; difference between total exports and total imports)
- Formula to calculate GDP:
GDP= C + I + G + (X-M)
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