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It has a minus sign in front of it. Our GDP has shrunk by 7.5% in the second quarter.
We can consider it both good and bad. Good because analysts were predicting a decline of 8% to 12%. And worse, for the second quarter in a row, our GDP has grown negatively. But what is GDP? Will it affect us in any way? Let us know the answers to some such questions …
What is the first GDP?
We are all educated. Went to school-college. Every year after taking the exam we get a report card. This report card shows how hard we worked in which subject throughout the year and how many marks we got in it. Altogether this report card shows our performance.
Something similar happens with GDP. Because these are quarterly results. Because these are quarterly results. So let’s understand it in such a way that in these 3 months, the GDP is the account of how many goods were made in our country, how many were sold. This is a report card of the economic condition of our country. The higher the marks, the higher the growth. The lower the marks or growth, the worse the situation will be.
Simply put, positive growth in GDP means our country is making progress. But negative growth means that the country is not making as much progress as it should.
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The biggest reason for the decline in GDP is the coronavirus and the resulting lockdown. The first quarter, from April to June, saw a lockdown, resulting in a 23.9% drop in GDP. It then began unlocking from June. The market began to open slowly, so this time it declined but by 7.5%. That means GDP is now recovering. It is possible that when the quarterly i.e. October to December figures came out, there was a positive growth in GDP.