What is the difference between GDP and gross domestic product?

Gross domestic product measures a national economy's total output in a given period and is seasonally adjusted to eliminate quarterly variations based on climate or holidays. The most closely watched GDP measure is also adjusted for inflation to measure changes in output rather than changes in the prices of goods and services.

What is GDP & its components?

GDP and its components are part of the National Income and Product Accounts data set that the BEA updates on a regular basis. When an economy experiences several consecutive quarters of positive GDP growth, it is considered to be in an expansion (also called economic boom).

What is a GDP number & why is it important?

A single GDP number, whether an annual total or a rate of change, conveys a minimum of useful information about an economy. In context, it's an important tool used to assess the state of economic activity. Gross domestic product is one of the primary indicators used to gauge the health of a country's economy.