What is a GDP?

Answer by  Snippets editor

GDP, or Gross Domestic Product, is a useful indicator of a country's economic well-being though it, by itself, is not a sufficient description of a country's economic health. Basically, it represents the monetary value (often expressed in US Dollars) of all the products and services the country produced in a specific period of time -- usually one year. There are two methods for calculating GDP -- an income-based method and an expense-based method. Both methods should ideally produce the same figure.

Answer by  John (9008)

GDP stands for Gross Domestic Product. This is a term used by economists. Basically, it's the total value of all goods and services produced by a country's economy, irrespective of costs. It is a good measure of a country's economic health.

Answer by  coral (54)

GDP is an abbreviation that stands for Gross Domestic Product. The GDP is the value of the goods and services that people and companies provide in the United States.