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GDP- GROSS DOMESTIC PRODUCT (Types of GDP measurements (Real GDP, GDP…
GDP- GROSS DOMESTIC PRODUCT
MEASUREMENT ; A TECHNIQUE TO CALCULATE GDP
1.OUTPUT METHOD
value added from each of the economic sectors.
agriculture
manufacturing
services
2. EXPENDITURE METHOD
Consumption/customer spending
Government spending
Investment
Net exports
3. INCOME METHOD
Profits of private sector businesses
Rent income from ownership of land
Income of people in jobs and in self-employment (wages & salaries)
Total market value of all finished goods and services produced within a country in a specific period of time.
Types of GDP measurements
Real GDP
GDP growth rate
Nominal GDP
GDP per capita