Glossary
From A to Z all the terms you need to skip the jargon and get started!
GDP
Gross Domestic Product (GDP) is the total monetary value of all goods and services produced within a country's borders over a specific period, typically a year.
It serves as a key economic indicator, measuring a country's overall economic health and growth. GDP can be calculated using three approaches: production, income, and expenditure. 💰
For example, the United States' GDP in 2019 was approximately $21.43 trillion, making it the largest economy in the world at that time.
Fun fact: In 1960, the total global GDP was around $11 trillion (inflation-adjusted). By 2021, it had increased to over $85 trillion, highlighting the massive growth of the world economy over the past six decades. 🌍📈