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Definition: Gross domestic product or GDP refers to the market value of all goods manufactured and services provided in a country.
GDP is an important measure of the economic or industrial health of a country. All countries manufacture some sort of goods and provide certain kinds of services. If those goods and services were to be sold in the market, their value is called GDP. Another thing is, GDP only includes products and services produced within the borders of a country. However, certain activities are not included in GDP. For example, unpaid work performed in a family by family members or social work performed by volunteers or activities falling within the purview of the black market are not considered while calculating GDP. This is because it’s difficult to find the value of the output of such activities. We must also understand the concept of “real GDP.” GDP is measured in nominal prices, which increase every year due to inflation. So, if we deduct India’s GDP in 2022 from its GDP in 2023, we won’t be able to calculate GDP growth because the number also includes the impact of inflation. However, if we adjust the prices to nullify the impact of inflation, the resultant number will reflect the growth in India’s GDP in 2023.
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