“GROSS DOMESTIC PRODUCT”
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*a ‘monetary measure’ of the ‘market value’ of all “final goods and services” produced in a ‘period’*
(‘quarterly’ or ‘yearly’)
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(‘nominal GDP’ estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons)
(‘Nominal GDP per capita’ does not, however, reflect differences in the ‘cost of living’ and the ‘inflation rates’ of the countries; therefore using a basis of GDP at ‘purchasing power parity’ (PPP) is arguably more useful when comparing differences in ‘living standards’ between ‘nations’)
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*.
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