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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.
GDP as a measure of Economic Growth and Standard of Living. 1  1. GDP as a measure of economic growth and standard of living AS Macro â 2014. 2  2. 3  GDP â¢ GDP is Gross Domestic Product â¢ GDP is the total value of output of goods and services produced within an economy in a given period of time.4  3. 1. GDP as a measure of economic growth and standard of living AS Macro â 2014. 2  2. 3  GDP â¢ GDP is Gross Domestic Product â¢ GDP is the total value of output of goods and services produced within an economy in a given period of time. 4  3.