Gross domestic product

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period.

GDP (nominal) per capita does not, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the market.

Total GDP can also be broken down into the contribution of each or sector of the .

The ratio of GDP to the total population of the is the per capita GDP and the same is called Mean Standard of Living.

Last Updated on 2 years by pinc