GDP – concept explained easy

Gross Domestic Product(GDP) is the final monetary value of the products produced and services rendered in a country during a specific period.

In India, the Central Statistics Office calculates the Gross Domestic Product of India, and the final GDP figure published on 31st May every year.

Bottom line

As the entire economy cycle runs on a retail value chain, which runs from a producer to consumer, and the government and businesses are intermediaries in it. Hence, we can say that GDP is an output of this cycle. If the cycle gets disturbed at any point, it affects the GDP growth rate.