The acronym “GDP” stands for Gross Domestic Product. It is a measure of the total value of all goods and services produced within a country’s borders over a specific period, usually a year or a quarter.

GDP is often used to gauge the economic health of a country, as well as to compare the economic performance of different countries. It can be measured in three ways:

1. Production approach – total value of goods and services produced.
2. Income approach – total income earned by individuals and businesses.
3. Expenditure approach – total spending on the country’s final goods and services.