GDP stands for Gross Domestic Product, which is a measure of the total economic output of a country. It represents the monetary value of all goods and services produced within a country's borders over a specific period of time, usually a year. GDP is often used as an indicator of a country's economic performance and overall wealth. It can be calculated using three different approaches - production, income, and expenditure - and is typically expressed in nominal terms (without adjusting for inflation) or real terms (adjusting for inflation).
