Gross Domestic Product GDP

Definition - What does Gross Domestic Product GDP mean?

Gross Domestic Product GDP is the value of all goods and services produced by a country within a period of time. GDP includes government purchases, investments and exports minus imports.

Testopedia explains Gross Domestic Product GDP

Gross Domestic Product GDP is one of the main measures economists use to judge the direction of the economy. As the GDP increases it is confirmation that the economic output of the country is growing. If the gross domestic product declines it indicates that the economy is producing less and could be in or headed for a recession.

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