Gross Domestic Product
FeaturedGDP
Beginner Level
Global
Macroeconomics
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Definition
The total monetary value of all finished goods and services produced within a country's borders in a specific time period.
Detailed Explanation
GDP is the primary indicator used to gauge the health of a country's economy. It can be calculated using three approaches: production (output), income, and expenditure methods. GDP includes consumption, government spending, investments, and net exports (exports minus imports).
Example
If a country produces ₹100 trillion worth of goods and services in a year, its annual GDP is ₹100 trillion.
Also Known As
Gross Value Added
National Output