Gross Domestic Product (GDP)
Definition
Gross Domestic Product (GDP) measures the total value of all final goods and services produced within a country's borders during a specific period (usually annually). It serves as an indicator of economic growth or contraction.
Related terms
Real GDP: GDP adjusted for inflation, providing a more accurate measure of economic growth.
Nominal GDP: GDP measured at current market prices without adjusting for inflation.
Per Capita GDP: The average GDP per person, obtained by dividing the total GDP by the population.
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