Gross domestic product

A map of world economies by size of GDP (nominal) in USD, World Bank, 2014[1]

Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Nominal GDP per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between different nations.

ReferencesEdit

  1. "GDP (Official Exchange Rate)" (PDF). World Bank. Retrieved August 24, 2015.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>