What Is GDP?
GDP, or Gross Domestic Product, is a measure of the total value of goods and services produced within a country. It reflects the size and health of an economy, indicating whether it is growing or shrinking. GDP is calculated by adding up consumption, investment, government spending, and net exports.
While it provides insights into economic performance, it doesn't capture factors like income distribution or quality of life. Therefore, it is often used alongside other indicators for a more comprehensive understanding of an economy.
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