The equations of GDP and market prices (GDPMP), and GDP at factor cost (GDPFC) are as follows:
GDPMP = C + I + G + X-M
Where, C is consumption expenditure, I is ainvestment expenditure; G is government’s consumption and investment expenditure; X is exports and M is imports.
GDPFC = GDPMP – NIT (where, NIT is net indirect taxes).
