Gross Domestic Product (GDP)

Definition

Gross Domestic Product (GDP) measures the total value of all final goods and services produced within a country's borders during a specific period (usually annually). It serves as an indicator of economic growth or contraction.

Related terms

Real GDP: GDP adjusted for inflation, providing a more accurate measure of economic growth.

Nominal GDP: GDP measured at current market prices without adjusting for inflation.

Per Capita GDP: The average GDP per person, obtained by dividing the total GDP by the population.