GDP measures the total economic output of a country, including all goods and services produced within its borders during a specific period.
Comprehensive Economic Indicator:
Summation of Production Values
It adds up the values of production across various sectors, such as
agriculture, manufacturing, services
, and more.
GDP accounts for the total spending by consumers on goods and services, reflecting the demand side of the economy.
GDP includes government spending on goods and services, providing insights into the public sector's contribution to the economy.
The value of a country's exports minus its imports is factored in, determining the impact of international trade on the overall economy.