👉 Gross Domestic Product (GDP) is a key economic indicator that measures the total monetary value of all final goods and services produced within a country's borders in a specific time period, typically a year or a quarter. It encompasses all sectors of the economy, including manufacturing, services, agriculture, and construction, providing a broad snapshot of a nation's economic health. GDP can be calculated using three primary approaches: the expenditure approach, which sums up spending by households, businesses, government, and foreigners; the income approach, which adds up all incomes earned in production; and the value-added approach, which measures the total value of goods and services at each stage of production before deducting intermediaries' values. This comprehensive measure helps economists and policymakers assess economic growth, compare economic performance across countries, and make informed decisions regarding fiscal and monetary policies.
