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Ayushree
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Asked: 2025-11-15T04:16:43+00:00 In:

Discuss how GDP helps in assenting the performance of an economy.

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Gross Domestic Product (GDP) helps in assessing the performance of an economy by measuring the total value of goods and services produced within a country during a specific period. A higher GDP indicates economic growth, productivity and improved living standards of people.

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    1. GDP is an important indicator to assess a country’s economic performance. It represents the total market value of all goods and services produced within a nation during a year. GDP (Gross Domestic Product) helps assess the performance of an economy in the following ways:

      1. Measures Production: It shows the total value of goods and services produced in a country.
      2. Indicates Growth: Rising GDP means economic progress and development.
      3. Helps Comparison: It allows comparison of economic performance over different years or between countries.
      4. Improves Policy Decisions: Governments use GDP data to plan economic policies and welfare programmes effectively.
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