What is the defination of revised GDP and estimated GDP

Question

What is the defination of revised GDP and estimated GDP

Answer 1

Every year, before the finalization of the budget, the economists, the department of finance and planning, prepare the  details of the economy and the GROSS DOMESTIC PRODUCT is one such economic tool, to study the growth, analyse, compare and interpret the data s for the future planning and budget.

When such data regarding the GDP is not found to be in order or requires some change or needs amendments, then, the revised GDP for the current financial year is arrived at by totaling the gross domestic products and for the next financial year, it is estimated.  Such estimates are termed as Estimated Gross Domestic Product.

Answer 2

Gross domestic product is the total value of all the goods and services produced within the borders of a nation during a spicedc period.