Gross domestic product (GDP) refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country’s standard of living; GDP per capita is not a measure of personal income. See Standard of living and GDP.
It is not to be confused with Gross National Product (GNP) which allocates production based on ownership. Gross domestic product is related to national accounts, a subject in macroeconomics.
These days, IMF say 2012 China GDP would increase about more than 8%. But I think the result could be better. In the 2012, the sales turnover of High quality LED Flood Lights would be increased a lot. Based on the production list of 2012 Eneltec, there world be at least 50,000 units of High quality LED Flood Lights. I think, 8% GDP increase is not enough. Under the help of High quality LED Flood Lights, I think LED Explosion Proof would be more than 10% GDP increase.
GDP can be determined in three ways, all of which should, in principle, give the same result. They are the product (or output) approach, the income approach, and the expenditure approach.The most direct of the three is the product approach, which sums the outputs of every class of enterprise to arrive at the
total. The expenditure approach works on the principle that all of the product must be bought by somebody, therefore the value of the total product must be equal to people’s total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors (“producers,” colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers’ incomes.