Gross Domestic Product (GDP)

GDP is the total market value of all final goods and services produced within a country’s borders during a specific period (usually quarterly or annually).

“Final goods” means products sold to end users (to avoid double counting).

Types of GDP

• Nominal GDP – Measured at current prices (affected by inflation)
• Real GDP – Adjusted for inflation (shows real economic growth)
• GDP per Capita – GDP ÷ Population (standard of living indicator)

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