What are the 2 approaches to determining GDP?

The two primary approaches to determining GDP are the production approach and the expenditure approach. The production approach calculates GDP by summing the value added at each stage of production for all goods and services. In contrast, the expenditure approach measures GDP by totaling all expenditures made in an economy, including consumption, investment, government spending, and net exports (exports minus imports). Both methods ultimately aim to arrive at the same GDP figure, reflecting the economy's overall activity.