Economics (Part – VII)

Rate of the growth of an economy is measured in terms of national income. Economists usually measure economic growth in terms of gross domestic product (GDP) or related indicators, such as gross national product (GNP) or gross national income (GNI) which are derived from the GDP calculation.

Gross national product is another metric used to measure a country's economic output. Where GDP looks at the value of goods and services produced within a country's borders, GNP is the market value of goods and services produced by all citizens of a country-both domestically and abroad.

Value of Total Goods and Services produced in a country is its Gross Domestic Product.

Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.

Sales of final goods are included in the gross domestic product. GDP or Gross Domestic Product is the total value or market value of all the goods and services in a year in a country's economy. Intermediate goods are not included while calculating GDP.

GDP or Gross Domestic Product is the total value or market value of all the goods and services in a year in a country's economy. Intermediate goods are not included while calculating GDP.

The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for calculating the GDP of India, macroeconomic data gathering, and statistical record keeping.

Gross domestic product is the measure of a country's domestic economic activities. It is the sum of prices or market values of all the final goods and services which are produced in an economy during a specific period of time.

The ratio between the nominal and real GDP is called GDP deflator. GDP deflator is an economic metric that measures the price level of all final goods and services produced within an economy in a given pe-riod. It is calculated by dividing the nominal GDP by the real GDP and then multiplying the result by 100. The resulting number represents the change in prices of all goods and services produced in an economy.

The excess of overall government expenditure both on capital and current account over the estimated government receipts both from tax and non-tax sources is termed as fiscal deficit. A Fiscal deficit is a kind of budget deficit where government expenditure exceeds its income during the course of a financial year.