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What is the GDP defined simply?
- The gross domestic product (GDP) of a nation is a monetary indicator of the final products and services—those purchased by the consumer—that were created over a specific time period (say a quarter or a year).
- It accounts for all the output produced inside a nation's boundaries.
Why is GDP important and what does it mean?
- Gross domestic product, or GDP as it is more commonly called, is one of the most significant.
- This economic indicator measures the monetary value of goods (including food items, machinery, textiles, and vehicles) and services (including health care, education, etc.) produced in the nation over a specific time period.
Learn more about gross domestic product (GDP)
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