February 02, 2019

GDP(Gross Domestic Products) and its Sector

What is GDP?  

GDP(Gross Domestic Product): it is overall (Gross) market value of all final goods and services produced within the domestic boundary of a country in a financial year.                                                                                     
 Sectors of GDP:-    

(i) Primary sector: Agriculture, Mining, Forestry, Poultry, Fishing,Horticulture, Dairy, Animal Husbandry etc.                                                  
 (ii) Secondary Sector: Chemical and Fertilizers, Automobiles, Textile, Pharmaceutical, Gems and Jewelry, Infrastructure, Petroleum and Petro Products etc.                                                                                                      

(iii) Tertiary Sector: Education and Hospitality, Information Technology Sector (IT sector), Logistics (Transportation) Sector, Energy and Power Sector, Insurance, Banking etc.      Note: Generally Primary sector  known as agriculture sector, secondary  industries sector and Tertiary sector known as service sector.

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