What is the definition of gross domestic product (gdp)?

Gross Domestic Product (GDP) is a measure of a country's value added, that is, the value of a country's total production of goods and services minus the value of the raw materials used for a specified period of time, typically one year. It is a central concept in the national accounts and one of the most important economic indicators. The development of the gross domestic product is also at the center when debating economic growth. Per capita GDP is often used as an expression of the welfare of a population.

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