GDP or Gross Domestic Product is a monetary value of all finished goods produced or services rendered within a country in a specified period of time. It functions as a scorecard of economic health of that particular country.

There are three ways to measure the GDP economic health of any country-

1 Income Method - This method calculate GDP through income earned by all the factors of production such as wages, rent, interest and corporate profit.

2 Expenditure Method – This method includes all the expenditure made by consumer, business, government as well as in the form of net exports.

3 Output Method – This method calculate GDP by finding the total value of goods and services produced in a country.

Although GDP is calculated on annual basis, it is sometimes calculated on a quarterly basis as well. GDP provide an economic snapshot of a country which is used to estimate the size and growth of an economy.