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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 is an accurate indication of an economy's size, while GDP per capita has a close correlation with the trend in living standards over time, and the GDP growth rate is probably the single best indicator of economic growth.rawbacks. Some criticisms of GDP as a measure of economic output are: 1  It does not account for the underground economy â GDP relies on official data, so it does not take into account the extent of the underground economy, which can be significant in some nations.