The Gross Domestic Product

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Understanding Gross Domestic Product (GDP)


Overview


Gross Domestic Product (GDP) measures the total value added by the final output produced within a country's borders, regardless of ownership. It provides an essential snapshot of economic activity.

Details


The term "final" refers to goods and services produced over a specific period that are not used for further production. These final goods are directly consumed and sold to end users.

In contrast, if goods are used in further production, they are considered intermediary consumption. Including intermediary consumption in GDP calculations would result in double counting, leading to a distorted view of economic performance. Therefore, only final goods are included in GDP to ensure accuracy.

By avoiding double counting, GDP presents a clear and reliable picture of an economy’s health and output.

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