What is Gross Domestic Product (GDP)?

The Gross Domestic Product (GDP) is an economic indicator that measures a country’s production within a given amount of time. The GDP includes all goods and services produced in a country regardless of their purpose. It aggregates all private and public consumption, investment, government outlays and net exports.

What does GDP mean in economics?

Gross domestic product (GDP) is the value of all goods and services produced in the US. This number is used to measure the health of the economy by observing when GDP is growing or shrinking. The Bureau of Economic Analysis (BEA) reports GDP both as a current-dollar value and inflation-adjusted to 2012 dollars. Most values ...

What is GDP & how is it calculated?

The GDP includes all goods and services produced in a country regardless of their purpose. It aggregates all private and public consumption, investment, government outlays and net exports. Usually calculated on an annual basis, the GDP is one of the most commonly used indicators of economic activity.