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Gross Domestic Product quantifies the goods and services produced and sold in an economy. In other words, it is the measurement of the market value of the final output in native currency produced within a country over a period. We get a picture of the economic production, activity, and standard of living for a particular year of that nation. It is an indicator that defines the size or growth of the economy. Policymakers make plans to check and forecast future economic conditions depending on GDP value.

Factors Affecting GDP
  Economic factors

•         Poverty/ economic inequality
•         Underground economy
•         Rising inflation

Trade balance

•         Decreased export
•         Increased import

  Investments

•         Investment in financial instruments
•         Low capital investment

Government expenditure/ spending

•         Reduction in local government spending
•         Reduced state spending
•         Reduction in federal spending

Consumer spending

•         Low nondurable goods and services expenses
•         Reduced durable goods expenditure

Other issue

•         Leisure preference
•         Quality of life
•         Non marketed activities
  • Unpaid housekeeping
  • Voluntary services of NGO

The root cause analysis of this fishbone template is significant due to its unique topic. This template describes most of the vital factors that affect the GDP of any nation or province. GDP is a standard and helpful tool for measuring the domestic product, services, and goods. Many vital decisions and policies of an economy depend on this evaluation.

Who should use the Factors Affecting GDP template?

• This fishbone contains the factors affecting the Gross Domestic Product of a country. It is useful when one wants to learn about the reasons for which GDP changes.

Why use this template?

• To get an idea of GDP fluctuations.
• This Ishikawa diagram makes the template creation and designing process easy. Anyone can customize this template with the help of smartQED tools.
• Design your template or reuse this for any problem analysis in smartQED.

Curated from community experience and public sources:

• https://www.economicsdiscussion.net/gdp/6-main-factors-affecting-gdp/15344