Gross domestic product (GDP)

Gross domestic product (GDP) is the total unduplicated value of the goods and services produced in the economic territory of a country or region during a given period. GDP provides a wealth of information. This aggregate is often referred to as the economic report card of a country. The level of GDP reveals information about the size of an economy while the change in GDP from one period to another period indicates whether the economy is expanding or contracting.

GDP can be measured in three ways, referred to as the production approach, income approach and expenditure approach. Each approach provides a unique perspective on economic activity… (more)

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