Gross domestic product (GDP)

Definition

Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country's borders in a given time period. It serves as a comprehensive scorecard of a country’s economic health.

Related terms

Economic Growth: The increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

Inflation: The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Recession: A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales