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Gross Domestic Product Solution

STEP 0: Pre-Calculation Summary
Formula Used
gross_domestic_product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services
GDP = C+I+G+NX
This formula uses 4 Variables
Variables Used
Private Consumption- Private consumption is defined as the value of the consumption goods and services acquired and consumed by households.
Gross Investment- Gross Investment is the amount spent by a company or an economy on capital assets.
Government Consumption- Government Consumption is something that buys goods and services produced in the economy and which is not a transfer payment of money collected in taxation from one group in society to another.
Net Exports of Goods and Services- Net Exports of Goods and Services are the difference between a country's total value of exports and the total value of imports.
STEP 1: Convert Input(s) to Base Unit
Private Consumption: 1215 --> No Conversion Required
Gross Investment: 80000 --> No Conversion Required
Government Consumption: 780000000 --> No Conversion Required
Net Exports of Goods and Services: 90000000 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
GDP = C+I+G+NX --> 1215+80000+780000000+90000000
Evaluating ... ...
GDP = 870081215
STEP 3: Convert Result to Output's Unit
870081215 --> No Conversion Required
FINAL ANSWER
870081215 <-- Gross Domestic Product(GDP)
(Calculation completed in 00.031 seconds)

Gross Domestic Product Formula

gross_domestic_product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services
GDP = C+I+G+NX

What is GDP?

GDP serves as a gauge of our economy’s overall size and health. When compared with prior periods, GDP tells us whether the economy is expanding by producing more goods and services, or contracting due to less output. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well. When real GDP is growing strongly, employment is likely to be increasing as companies hire more workers for their factories and people have more money in their pockets. When GDP is shrinking, as it did in many countries during the recent global economic crisis, employment often declines.

How to Calculate Gross Domestic Product?

Gross Domestic Product calculator uses gross_domestic_product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services to calculate the Gross Domestic Product(GDP), Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Gross Domestic Product(GDP) and is denoted by GDP symbol.

How to calculate Gross Domestic Product using this online calculator? To use this online calculator for Gross Domestic Product, enter Private Consumption (C), Gross Investment (I), Government Consumption (G) and Net Exports of Goods and Services (NX) and hit the calculate button. Here is how the Gross Domestic Product calculation can be explained with given input values -> 8.701E+8 = 1215+80000+780000000+90000000.

FAQ

What is Gross Domestic Product?
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period and is represented as GDP = C+I+G+NX or gross_domestic_product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services. Private consumption is defined as the value of the consumption goods and services acquired and consumed by households, Gross Investment is the amount spent by a company or an economy on capital assets, Government Consumption is something that buys goods and services produced in the economy and which is not a transfer payment of money collected in taxation from one group in society to another and Net Exports of Goods and Services are the difference between a country's total value of exports and the total value of imports.
How to calculate Gross Domestic Product?
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period is calculated using gross_domestic_product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services. To calculate Gross Domestic Product, you need Private Consumption (C), Gross Investment (I), Government Consumption (G) and Net Exports of Goods and Services (NX). With our tool, you need to enter the respective value for Private Consumption, Gross Investment, Government Consumption and Net Exports of Goods and Services and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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