Gross Domestic Product (GDP)

Definition

Gross Domestic Product is the total value of all goods and services produced within a country's borders during a specific period. It measures the economic output and growth of a nation.

Related terms

Per Capita GDP: GDP divided by the population of a country, providing an average measure of economic well-being per person.

Real GDP: Adjusted GDP that accounts for inflation, providing a more accurate representation of economic growth.

Purchasing Power Parity (PPP): A method used to compare GDP across different countries by considering differences in cost of living and currency exchange rates.