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India is in a ‘technical recession’: What exactly does this mean?
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To determine whether the economy of a nation is growing or shrinking in size, economists use a measure of total output called real GDP. Real GDP , short for real gross domestic product, is the total value of all final goods and services produced during a particular year or period, adjusted to eliminate the effects of changes in prices. Let us break that definition up into parts. Many goods and services are purchased for use as inputs in producing something else. For example, a pizza parlor buys flour to make pizzas. If we counted the value of the flour and the value of the pizza, we would end up counting the flour twice and thus overstating the value of total production.
This recession is different & India can bounce back much faster than in the past
The BCDC patiently assesses business cycle peaks and troughs. For example, they announced that the trough of the recession occurred in June only on September 20, —which is a lag of 15 months. The BCDC also emphasizes economywide economic indicators. Corporate profits will be reported in the second estimate of GDP, scheduled for release on November
Figure 5. It shows that economies go through periods of increasing and decreasing real GDP, but that over time they generally move in the direction of increasing levels of real GDP. A sustained period in which real GDP is rising is an expansion; a sustained period in which real GDP is falling is a recession. Phases of the Business Cycle. The business cycle is a series of expansions and contractions in real GDP.