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Gross domestic product (GDP) is a statistic economists use to measure the total amount of goods and services produced in a country during a specific time period, usually a quarter or a year. This number is calculated in one of three ways:
GDP is used to compare the economies of different countries as well as to measure growth in a single country’s economy over time. Nominal GDP is not adjusted for inflation, so when prices are rising rapidly, real GDP (adjusted for the impact of inflation) is a more meaningful measure.
Example: “According to the Organization for Economic Co-operation and Development (OECD), Canadian GDP was USD$52,022 per person in 2021, more than double that of Mexico (USD$20,383), but much lower than the U.S. GDP of USD$70,523.”
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