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Gross Domestic Product (GDP) is often regarded as the most important measure of output for a country. It represents the total monetary value of all final goods and services produced within a nation's borders in a specific time frame, usually annually. GDP reflects a country's economic health, providing insights into its growth, productivity, and overall standard of living. In real-world applications, GDP is used by governments and policymakers to devise fiscal and monetary policies. For businesses, understanding GDP trends helps in making investment decisions and forecasts for future growth. A rising GDP generally indicates a thriving economy, while stagnation or decline can signal trouble, prompting necessary economic interventions.
