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Gross Domestic Product
Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. GDP includes all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade (exports are added, imports are subtracted).
➤ Nominal GDP is the measurement of the raw data.
➤ Real GDP takes into account the impact of inflation and allows comparisons of economic output from one year to the next and other comparisons over periods of time.
➤ GDP growth rate is the increase in GDP from quarter to quarter.
➤ GDP per capita measures GDP per person in the national populace; it is a useful way to compare GDP data between various countries.