Gross domestic product (GDP) is the market value of all final goods and services produced within the geographic boundaries of a country in a given period of time. In other words, it is the dollar value of all of the goods and services produced for final sale in a country in a year (Guell, 2012). It is the indicator of the economic performance of a country and is calculated by adding personal consumption, business investment, government spending, and export minus import. The standard formula for calculating GDP is GDP= C+I+G+ (X-M).
Nepal is a developing country who employs 70 percent of the population in agriculture. The Gross Domestic Product(GDP) value of Nepal is 0.04 percent of the world economy. The GDP was worth 24.47 billion US dollars in 2017. GDP in Nepal averaged 5.74 USD Billion from 1960 until 2017, reaching the all-time high of 24.47 USD Billion in 2017 and a record low of 0.50 USD Billion in 1963.
Similarly, the GDP per capita in Nepal was 728.40 US dollars in 2017 which is equivalent to 6 percent of the world’s average.
Secondly, the GDP in India was worth 2597.49 billion US dollars in 2017 where the GDP value represents 4.19 percent of the world economy. Similarly, the GDP per capita in India was recorded at 1963.55 Us dollars in 2017 which is equivalent to 16 percent of the world’s average.
Thirdly, The gross domestic product of China is increasing yearly. There are the four major components that influence the growth of the gross domestic product of China i.e. consumption, investment, transnational exports and inter-provincial exports (Wu, Lei, & Li, 2015). The GDP in China was worth 12237.70 billion US dollars in 2017 that represents 19.74 percent of the world economy. In another side, GDP in the United States was worth 19390.60 billion US dollars in 2017 where the GDP value represents 31.28 percent of the world economy.
Similarly, the per capita in China was recorded at 7329.09 US dollars in 2017 which is equivalent to 58 percent of the world’s average. In another side, the per capita in the US was recorded at 54225.45 US dollars in 2017 which is equivalent to 30.5 percent of the world 's average.
References
Guell, R. C. (2012). Every Macroeconomics Word You Ever Heard. Gross domestic product, Unemployment, Recession and Drepression. In R. C. Guell, Issues in Economic Today (sixth ed., p. 76). New York, United States: McGraw-Hill.
Wu, S., Lei, Y., & Li, L. (2015, Apr). Evaluation of the Contributions of Four Components of Gross Domestic Product in Various Regions in China. PLoS One, 10 (4).
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Gross domestic product (GDP) is the market value of all final goods and services produced within the geographic boundaries of a country in a given period of time. In other words, it is the dollar value of all of the goods and services produced for final sale in a country in a year (Guell, 2012). It is the indicator of the economic performance of a country and is calculated by adding personal consumption, business investment, government spending, and export minus import. The standard formula for calculating GDP is GDP= C+I+G+ (X-M).
Nepal is a developing country who employs 70 percent of the population in agriculture. The Gross Domestic Product(GDP) value of Nepal is 0.04 percent of the world economy. The GDP was worth 24.47 billion US dollars in 2017. GDP in Nepal averaged 5.74 USD Billion from 1960 until 2017, reaching the all-time high of 24.47 USD Billion in 2017 and a record low of 0.50 USD Billion in 1963.
Similarly, the GDP per capita in Nepal was 728.40 US dollars in 2017 which is equivalent to 6 percent of the world’s average.
Secondly, the GDP in India was worth 2597.49 billion US dollars in 2017 where the GDP value represents 4.19 percent of the world economy. Similarly, the GDP per capita in India was recorded at 1963.55 Us dollars in 2017 which is equivalent to 16 percent of the world’s average.
Thirdly, The gross domestic product of China is increasing yearly. There are the four major components that influence the growth of the gross domestic product of China i.e. consumption, investment, transnational exports and inter-provincial exports (Wu, Lei, & Li, 2015). The GDP in China was worth 12237.70 billion US dollars in 2017 that represents 19.74 percent of the world economy. In another side, GDP in the United States was worth 19390.60 billion US dollars in 2017 where the GDP value represents 31.28 percent of the world economy.
Similarly, the per capita in China was recorded at 7329.09 US dollars in 2017 which is equivalent to 58 percent of the world’s average. In another side, the per capita in the US was recorded at 54225.45 US dollars in 2017 which is equivalent to 30.5 percent of the world 's average.
References
Guell, R. C. (2012). Every Macroeconomics Word You Ever Heard. Gross domestic product, Unemployment, Recession and Drepression. In R. C. Guell, Issues in Economic Today (sixth ed., p. 76). New York, United States: McGraw-Hill.
Wu, S., Lei, Y., & Li, L. (2015, Apr). Evaluation of the Contributions of Four Components of Gross Domestic Product in Various Regions in China. PLoS One, 10 (4).