Gross Domestic Product (GDP)

Gross Domestic Product (GDP) refers to the total monetary value of all goods and services produced within a country's borders in a specific time period. It serves as a comprehensive scorecard of a given country’s economic health. GDP is often used to compare the economic performance of different countries, and it can be calculated using production, expenditure, or income approaches. A higher GDP indicates a larger and more prosperous economy, while a declining GDP might signal economic trouble. Thus, GDP growth rates are crucial indicators for policymakers and investors to make economic decisions.