GDP

Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country's borders in a specific time period.

GDP is usually calculated by adding up the consumption, investment, government spending, and net exports (exports minus imports) of a country.

GDP is an important indicator of the economic health and size of a country's economy. It helps gauge the overall growth or contraction rate, compare living standards, and assess economic policies.

GDP does not take into account factors such as income inequality, quality of life, environmental sustainability, or non-market activities like unpaid household work.

Nominal GDP measures the value of goods and services at current market prices without adjusting for inflation.

Real GDP adjusts nominal GDP for changes in price levels by using a common base year. It provides a more accurate picture of economic growth or decline over time.

GDP per capita divides a country's GDP by its population, giving an average measure of economic output per person. It helps assess the standard of living within a country.

Gross National Income (GNI) includes income earned by a country's residents domestically and abroad, while GDP only considers income generated within a country's borders.

Yes, GDP can be negative if the total value of goods and services produced within a country decreases, indicating an economic contraction.

The GDP growth rate measures the percentage change in GDP from one period to another, usually on an annual basis. It indicates the rate of economic expansion or contraction.