Gross Domestic Product (GDP)

Introduction to Gross Domestic Product (GDP)

The GDP represents the total monetary value of all goods and services produced within a country's borders in a specific time period. The formula for calculating GDP is the sum of consumption (C), investment (I), government spending (G), and net exports (X - M).

Parameter usage:

• consumption = total consumption expenditure
• investment = total investment expenditure
• governmentSpending = total government spending
• netExports = net exports (exports - imports)

Data validation

The numbers for each parameter should not be negative.

Summary

The GDP formula provides a comprehensive measure of a country's economic performance and is widely used to compare the economic output of different countries or to analyze economic trends over time.