GROSS DOMESTIC PRODUCT (GDP)
The GDP is the total market value of all final goods and services produced in a country in a given perod (e.g. year), and equals to total consumption (C), investment (I), government spending (G), plus the value of exports (X), minus the value of imports (M):
GDP = C + G + I + (X-M)
GDP is not to be confused with gross national product (GNP) which allocates production based on ownership. Presented only quarterly, GDP is most often presented on an annualized percent basis. GDP per capita is often considered an indicator of a country's standard of living.
GDP is related to national accounts (see Financial Accounts in the System of National Accounts), a subject in macroeconomics.