Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is a measure of the total value of goods and services produced within a country over a specified period, usually a year or a quarter. It is an important economic indicator that helps gauge the overall health of a country’s economy. GDP can be measured in three ways: the production approach, the income approach, and the expenditure approach. The production approach sums the value of all goods and services produced within a country, the income approach sums all incomes earned in the production of goods and services, and the expenditure approach sums all expenditures made to purchase goods and services.