GDP - SPRINT OR MARATHON ?

GDP stands for "Gross Domestic Product" and represents the total monetary value of all final goods and services produced (and traded in the market) within a country through a particular period, generally given as per year it is sometimes calculated quarterly as well. 

Key Points

• The modern concept of GDP was first developed by Simon Kuznets.
• GDP portrays the economic outlook of a country, which is used to evaluate the size and growth rate of an economy.
• The entire GDP can be broken down into the contribution of each industry or sector of the economy.
• GDP can be estimated in three ways using expenditure, production, or income. It can be customized for expansion and population to provide more profound insights.

TOP 5 ECONOMY GIANTS

1. The United States of America - The U.S.A has kept its position as the world's largest economy since 1871. The size of the US economy is nearly $ 21 trillion, which is about a quarter of the global economy.
2. China - China has undergone exponential growth over the past several decades and has emerged as a manufacturing hub of the world. In 1980, China was the seventh-largest economy with a GDP of $ 305.35 billion, while the size of the US was $ 2.86 million then. In 2018, the Chinese GDP comprised $ 13.37 trillion.
3. Japan - Japan is the third-largest economy in the world, with its GDP passing the $5 trillion target in 2019. Japan's labor force consisted of around 65 million workers.
4. Germany - Germany is not just the largest economy in Europe but also the most potent. Globally, it is the fourth-largest economy with a GDP of $ 4 trillion.
5. India - India is the fastest-growing trillion-dollar economy in the world. Fifth largest overall with a GDP of $ 2.94 trillion. The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. But now it has surpassed the United Kingdom and France. Its service sector is the fastest-growing sector in the world, adding over 60% to its economy and accounting for 28% of employment.