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Gross Domestic Product (GDP)

Gross Domestic Product is the total value of all goods and services produced in an economy. The textbook way of calculating GDP is as displayed below:

GDP = C + I + G + X - Z

C is Consumer expenditure
I is Investment
G is Government expenditure
X is Exports
Z is Imports

The value of a nation, or region's GDP is considered to be very important. It is the key measure of economic growth and is the most widely used measure of the size of an economy.

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