What does GDP mean and what does it stand for?

Gross Domestic Product (GDP) is the broadest quantitative measure of a nation's total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.

Gross domestic product (GDP) is one of the most common indicators used to track the health of a nation's economy. It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy.