Gross Domestic Product

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Gross Domestic Product

Gross Domestic Product (GDP) is the official measurement of a country’s goods and services production. While it is often used as an indication of a country’s standard of living, it is not a measure of personal wealth or individual welfare standards. It is not to be confused with Gross National Product (GNP) which is a measure of production by enterprises owned by a country’s citizens; foreign investment and ownership mean that this is not a reflection of a country’s domestic production and thus differs from the GDP.


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