Economicscalendar_todayLast updated: Apr 2026
What is GDP?
/ˌdʒiːdiːˈpiː/
Gross Domestic Product — the total monetary value of all goods and services produced within a country in a given period. The world's primary measure of economic size and growth.
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Everyday Example
When the news reports "the economy grew 3% this quarter," they mean GDP expanded by 3%. A shrinking GDP for two consecutive quarters is officially a recession.
publicReal-World Application
“During COVID-19, the UK's GDP fell 9.9% in 2020 — the largest annual drop in 300 years — capturing the economic devastation of lockdowns across the entire economy in one number.”
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Did you know?
GDP was developed by economist Simon Kuznets for the US Congress in 1937 to measure recovery from the Great Depression. Kuznets himself warned it shouldn't be used as a measure of welfare.
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Key Insight
GDP measures activity, not wellbeing. A car crash adds to GDP. A parent raising children contributes nothing to GDP but enormous value to society.
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