What is Gross domestic product (GDP) ?

Gross domestic product or GDP is a broad monetary measure of a nation’s overall economic activity. It is a measure of the value of all final goods and services produced in a period. GDP is also used to measure a nation’s standard of living. It is the sum of all consumption, consumer spending, government spending, the country’s investment, business capital expenditures and total net exports, i. e. difference of the total exports less total imports.