GDP:‐GDP is defined as the total market value of all final goods and services produced within the country in a given period of time (usually a calendar year).
Generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives.
Increase in a country's productive capacity, as measured by comparing (GNP/GDP) in a year with the GNP/GDP in the previous year. Increase in the capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth. In recent years, the idea of sustainable development has brought in additional factors such as environmentally sound processes that must be taken into account in growing an economy.
GDP = C + I + G + (X‐M).
There are two ways that GDP can increase:‐
1. An increase in the prices of goods and services. 2. An increase in the Quantity of goods and services.
New _ Value− Old _ Value
GDP _ Percent_ Change= %Δ =
Old _ Value
For Example we can alalysis the following table