What is Gross Domestic Product (GDP)?

[MarisolLin]

Can someone explain what Gross Domestic Product (GDP) means and why it’s important for a country’s economy? A simple definition and examples would be helpful.

 

[royjasika]

Gross Domestic Product (GDP) refers to the monetary value of all goods and services produced within the boundaries of the country within a certain time frame, most of the time this is a year. It is an indicator of the economic status and development of a country indicating the overall well being, efficiency and quality of life of an economy.

 

[Grace]

Gross Domestic Product (GDP) refers to the monetary value of all goods and services generated inside the country's borders over a specific time period, which is usually a year. It is a measure of a country's economic condition and development, demonstrating the total well-being, efficiency, and quality of life of its economy.