## What is GDP how it is calculated Class 10?

If we talk about a simple approach, it is equal to the total of private consumption, gross investment and government spending plus the value of exports, minus imports i.e. the formula to calculate as GDP = private consumption + gross investment + government spending + (exports – imports).

## What is GDP rate of India now?

India gdp growth rate for 2020 was -7.96\%, a 12.01\% decline from 2019….India GDP Growth Rate 1961-2021.

India GDP Growth Rate – Historical Data
Year GDP Growth (\%) Annual Change
2019 4.04\% -2.49\%
2018 6.53\% -0.26\%
2017 6.80\% -1.46\%

What is a simple formula to calculate GDP?

C = All private consumption/consumer spending in the economy. It includes durable goods,nondurable goods,and services.

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• I = All of a country’s investment in capital equipment,housing,etc.
• G = All of the country’s government spending.
• NX = Net country export – Net country import
• What are three ways to calculate GDP?

There are three ways to define GDP: Expenditure approach: The sum of all expenditures on final products. Production approach (value added approach). Income approach (GDI: gross domestic income, i.e., sum of wages and net profits).

### How do you calculate GDP with the income approach?

It’s possible to express the income approach formula to GDP as follows: Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income. Total national income is equal to the sum of all wages plus rents plus interest and profits.

### What is expenditure approach to calculate GDP?

The expenditure method is the most widely used approach for estimating GDP, which is a measure of the economy’s output produced within a country’s borders irrespective of who owns the means to production. The GDP under this method is calculated by summing up all of the expenditures made on final goods and services.

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