Gross Domestic Product

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Definition: Gross Domestic Product

Gross Domestic Product of a country is the total market value in monetary terms of the final goods and services produced in the country within its borders in a specific period of time that is generally one year.

It is calculated as the sum of the private consumption (C), investments (I), government expenditures (G) and the net exports (NX) of the country in that period of time. This is usually shown as,

GDP = C + I + G + NX

GDP generally indicates the economic health of a nation and its standard of living.

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