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What does GDP mean?

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February 06, 2017 8:49AM

GDP

This is an abbreviation for Gross Domestic Product, which is the total value of all goods, services, agricultural produce and minerals extracted in a country or area, usually in one year. The concept applies to countries, for example Canada, and also to 'trading blocs' like the EU and NAFTA. Often the GDP divided by the population is used as a measure of relative prosperity.

GDP=C + I + G + ( X-Im )

C=Consumption Expenditure

I=Investment

G=Government Expenditure

X=Export

Im=Import