GDP is an abbreviation for Gross Domestic Product in economics. GDP is a widely-used indicator of a country's economic performance, measuring the total value of all finished goods and services produced within a country's borders in a given period of time (usually a year).
The calculation of GDP involves adding up all of the final goods and services produced within a country's borders, regardless of whether they are produced by domestic or foreign companies. This includes everything from consumer goods and services to government spending and business investment. However, it excludes intermediate goods and services, which are inputs to the production process and are not intended for final consumption.
GDP is an important measure of a country's economic output and growth, and is used by economists, government officials, and investors to make decisions about fiscal and monetary policy, as well as investment strategies. For example, a high GDP growth rate can indicate a strong and growing economy, which could lead to higher employment rates, while a low GDP growth rate could indicate a recession and potential economic problems that may require immediate intervention.
