Gross domestic product

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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.

References[edit | edit source]

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