Gross Domestic Product is the value of all goods and services including the value of dividend, interest and other payments made to overseas investors produced by a nation over any one given year period. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. The gross domestic product (GDP) and gross domestic income (GDI), a basic measure of an economy's economic performance, is the market value of all final goods and services produced within the borders of a nation in a given year. "Gross" means that depreciation of capital stock is not subtracted out of Gross Domestic Product.
Gross Domestic Product is equal to the sum of the income generated by production in the country in a given year, that is, compensation of employees, taxes on production and imports minus subsidies, and gross operating surplus or profits. Gross Domestic Product is equal to the total expenditures for all final goods and services produced within the country in a given year.
Gross Domestic Product is equal to the sum of the value added at every stage of production by all the industries within a country, plus taxes, minus subsidies on products in a given year. The OECD defines GDP as "an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)."
An IMF publication states that, "GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year)." - Callen, Tim. "Gross Domestic Product: An Economy's All". IMF.
The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living. GDP is considered the "world's most powerful statistical indicator of national development and progress". - Lepenies, Philipp (2016). The Power of a Single Number: A Political History of GDP. New York: Columbia University.
Gross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually. Gross domestic product (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries. GDP per capita at purchasing power parity (PPP) is more useful when comparing differences in living standards between nations.