GDP Full Form What is the full form of GDP? GDP represents/shortened form of Gross Domestic Product . Definition of GDP GDP is the total monetary or market value of all the finished goods and services produced within the terrestrial boundaries (total geographic area) of a country for the duration of a specific period, typically a year (although it can be calculated quarterly). GDP growth rate is an essential indicator of the economic health of a country. It also provides a snapshot of the living standard of the general public residing in a specific country, i.e. increase in the GDP generally reflects an improvement in the living standards. Understanding the calculation of GDP GDP calculation for a country is an exhaustive process where all private and public consumptions, government expenditures, investments, embellishments to private inventories, paid-in construction costs, and the foreign balance of trade (i.e., exports are added to the value and imports are subtracted f