Short for Gross Domestic Product, this is the total value of all goods and services a country produces in a set period, usually one year. GDP is the broadest measure of economic size and health. A growing GDP generally means the economy is expanding and businesses are doing more business.
If a country produces $100 million worth of cars, $50 million in software, $200 million in retail services, and other goods and services totaling $650 million in a year, its GDP for that year is roughly $1 billion.
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