Meaning of Gross Domestic Product (GDP)
- The Gross Domestic Product (GDP) at factor cost was abandoned in favour of the gross value added (GVA) at basic prices adopted by other countries in the new series by the Central Statistics Office (CSO).
- The economy's growth rate for 2013–14 was expected to be 6.9% based on the new base year; it was 4.7% based on the 2004–05 base.
- Similar to this, the growth rate for 2012–13 increased from 4.5% to 5.1%.
What does GDP at PPP mean?
It represents Gross Domestic Product (GDP) based on each person's buying power parity (PPP). Purchasing power parity rates are used to translate GDP to foreign currencies.