What is GDP?
GDP stand for Gross Dometic Product. GDP is the the value of all goods and services produced for a given region within a specific time period. For example the following chart shows annual U.S. GDP:
This particular measure of GDP is reported quarterly, so the chart is an average of the four quarters of GDP for a given year. You may be asking how in the world GDP can possibly be calculated? But that’s for a different question. The measurement is useful for comparing between years or as a number in relation to other measurements.