Gross Domestic Product
Definition of Gross Domestic Product
Gross Domestic Product is an economic measure of the final value of all goods produced and services rendered in the country for a specific duration. There are three broad forms of GDP: real GDP, which accounts for inflation, nominal GDP, which does not account for inflation, and per capita GDP, which accounts for population. It is calculated in three different ways: a production approach, an income approach, and an expenditure approach.
