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What is GDP

GDP stands for "gross domestic product" and is a measure of value creation. It is the sum of everything a country produces in terms of goods and services in a year.

GDP stands for “gross domestic product” and is a measure of value creation. It is the sum of everything a country produces in terms of goods and services in a year.

GDP is a common indicator of the economic condition of a nation and is also used as one of the indicators (but not the only one) of the overall well-being of the population.