What does GDP stand for?

GDP stands for Gross Domestic Product, which is a key economic indicator used to measure the overall economic performance of a country. It quantifies the total value of all final goods and services produced within a nation’s borders over a specific time period, typically annually or quarterly. This measure provides insights into the economic health of a country and is used for economic analysis, policy-making, and comparison between different economies.

The term reflects the "gross" aspect as it indicates the total value without deducting depreciation, "domestic" as it is confined to a country's borders, and "product" as it refers to the output of goods and services. Understanding GDP is crucial for assessing economic growth and determining standards of living, making it a foundational concept in economics and business studies.