Gross Domestic Product

Gross Domestic Product

The usual measure for production in an economy is called Gross Domestic Product or GDP.

This is a measurement of the production of goods and services at the final market price to consumers in a given time period. This is the measure of all the country’s output in a given time period.

GDP is an important indictor of an economy’s health. The rate of increase/ decrease in GDP over time shows the stage the country is at the business cycle.

What is Gross Domestic Product?