GDP

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Definition

GDP is an acronym for Gross Domestic Product, and is used as a size measurement for a country's economy. In essence, GDP is the total value of goods and services produced in a country during a year. It differs from Gross National Product (GNP) in excluding international trade, essentially attributing to a national economy only the product it generates rather than also the income it receives from foreign investment or official development assistance (ODA).

A common formula for GDP is:

GDP = consumption + investment + government expenditures + exports - imports

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