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Gross Domestic Product (GDP) is the total value of all goods and services produced within a country's borders over a specific period, usually a year or a quarter.
In Depth
GDP is a key indicator of a country's economic health and size. It includes everything from manufactured goods and agricultural products to services like healthcare and education. A growing GDP generally indicates a healthy economy, while a shrinking GDP can signal a recession. It helps economists and policymakers understand the overall performance of an economy.
Example
If the United States' GDP grew by 2% last year, it means the total value of goods and services produced in the country increased by that amount.