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What is 'Gross Domestic Product - GDP'. Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.
1 Gross Domestic Product (GDP) is the total value of goods and services produced by a country in a year. 2  Gross National Product (GNP) measures the total economic output of a country, including earnings from foreign investments. 3  GNP per capita is a country's GNP divided by its population. ( 4 Per capita means per person .).conomic development indicators. Cairo-an example of a LEDC. New York-an example of a MEDC. To assess the economic development of a country, geographers use economic indicators including: 1  Gross Domestic Product (GDP) is the total value of goods and services produced by a country in a year.