GDP (Gross Domestic Product) measures the total value of all goods and services produced within a country in a specific period. It indicates economic performance and is calculated using three approaches: production, income, or expenditure.
Nominal GDP: Current prices, unadjusted for inflation.
Real GDP: Inflation-adjusted for accurate growth tracking.
GDP per Capita: GDP divided by population, reflecting living standards.
It's vital for gauging economic growth, guiding policies, and comparing economies globally.