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Gross Domestic Product Formula

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Gross Domestic Product is the monetary value of all the finished goods and services produced within a country's borders in a specific time. Check FAQs

GDP = PCN + GI + G + NX

GDP - Gross Domestic Product?PCN - Private Consumption?GI - Gross Investment?G - Government Consumption?NX - Net Exports of Goods and Services?

Gross Domestic Product Example

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Here is how the Gross Domestic Product equation looks like with Values.

Here is how the Gross Domestic Product equation looks like with Units.

Here is how the Gross Domestic Product equation looks like.

7.8E+8 = 1215 + 80000 + 7.8E+8 + 30000

7.8E+8 = 1215 + 80000 + 7.8E+8 + 30000

7.8E+8 = 1215 + 80000 + 7.8E+8 + 30000

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Gross Domestic Product Solution

Follow our step by step solution on how to calculate Gross Domestic Product?

FIRST Step Consider the formula

GDP = PCN + GI + G + NX

Next Step Substitute values of Variables

∴

GDP = 1215 + 80000 + 7.8E+8 + 30000

Next Step Prepare to Evaluate

∴

GDP = 1215 + 80000 + 7.8E+8 + 30000

Next Step Evaluate

∴

GDP = 780111215

LAST Step Rounding Answer

∴

GDP = 7.8E+8

Gross Domestic Product Formula Elements

Variables

Gross Domestic Product

Gross Domestic Product is the monetary value of all the finished goods and services produced within a country's borders in a specific time.

Symbol: GDP

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Gross Domestic Product

Private Consumption

Private Consumption is defined as the value of the consumption goods and services acquired and consumed by households.

Symbol: PCN

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Private Consumption

Gross Investment

Gross Investment is the amount spent by a company or an economy on capital assets.

Symbol: GI

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Gross Investment

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.

Symbol: G

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Government Consumption

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.

Symbol: NX

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Net Exports of Goods and Services

Other formulas in Microeconomics category

Go Average Total Cost

ATC = \frac{Tc}{Q}

Go Rate of Inflation

R = \frac{ECPI - ICPI}{ICPI}

Go Net Exports of Goods and Services

NX = X - M

Go Price Elasticity of Demand

PED = \frac{PCQ}{%ΔP}

How to Evaluate Gross Domestic Product?

Gross Domestic Product evaluator uses Gross Domestic Product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services to evaluate the 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. Gross Domestic Product is denoted by GDP symbol.

How to evaluate Gross Domestic Product using this online evaluator? To use this online evaluator for Gross Domestic Product, enter Private Consumption (PCN), Gross Investment (GI), Government Consumption (G) & Net Exports of Goods and Services (NX) and hit the calculate button.

FAQs on Gross Domestic Product

What is the formula to find Gross Domestic Product?

The formula of Gross Domestic Product is expressed as Gross Domestic Product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services. Here is an example- 7.8E+8 = 1215+80000+780000000+30000.

How to calculate Gross Domestic Product?

With Private Consumption (PCN), Gross Investment (GI), Government Consumption (G) & Net Exports of Goods and Services (NX) we can find Gross Domestic Product using the formula - Gross Domestic Product = Private Consumption+Gross Investment+Government Consumption+Net Exports of Goods and Services.

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Gross Domestic Product Formula

Gross Domestic Product Example

Gross Domestic Product Solution

Gross Domestic Product Formula Elements

Other formulas in Microeconomics category

How to Evaluate Gross Domestic Product?

FAQs on Gross Domestic Product

Variable Name