What does GDP mean?

GDP stands for Gross Domestic Product, which is a measure of the total economic output of a country. It represents the value of all goods and services produced within a country's borders in a specific time period, typically annually or quarterly. GDP is a key indicator of the health and size of a country's economy, and it is used by policymakers, economists, and investors to gauge the overall economic performance and standard of living in a country. It is often used to compare the economic performance of different countries and to make decisions about fiscal and monetary policy. GDP can be measured in several ways, including by adding up the value of all goods and services produced, the sum of all incomes earned, or the sum of all expenditures made within the country.