Gross Domestic Product (GDP) is the total monetary value of all goods and services produced within a country’s borders in a specific time period, usually a year.
It’s a crucial indicator because it provides a broad measure of a nation’s overall economic activity.
GDP helps policymakers, economists, and analysts gauge the health of the economy, make comparisons over time, and inform decisions on economic policies.
A growing GDP typically suggests a healthy, expanding economy, while a declining GDP may indicate economic problems.