GDP stands for Gross Domestic Product, which measures the total economic output of a country. It represents the value of all goods and services produced within a nation's borders in a specific time period, typically annually or quarterly. GDP is an important indicator of a country's economic performance and is used to compare the economic health of different nations.
The term "Gross Domestic Product" combines three components: - "Gross" refers to the total or overall amount, without deductions. - "Domestic" indicates that the measurement is confined to a country's borders. - "Product" refers to goods and services that are manufactured and provided.