GDP (Gross Domestic Product) - GCSE Geography Definition

Gross Domestic Product, or GDP, is a measure of the total value of all goods and services produced in a country within a specific time period, usually a year. It is used to understand how well a country's economy is doing. Imagine GDP as a big basket containing everything a country makes, like cars, phones, and food, along with all the services provided, like teaching and healthcare. The size of this basket tells us how rich or developed a country is. A higher GDP means the country is producing more, which usually suggests people have better living standards. Economists and geographers use GDP to compare the economic health of different countries and to track economic growth over time.