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Gross Domestic Product - Monetary value at market prices of all goods and services produced within a country, but excluding net income from abroad for a given period (usually a year). GDP includes all private and public consumption, government outlays, investments and exports minus imports that occur within a defined territory. Put simply, GDP is a broad measurement of a nation’s overall economic activity.

Gross domestic product can be calculated using the following formula:

GDP = C + G + I + NX

Where C is equal to all private consumption, or consumer spending, in a nation's economy, G is the sum of government spending, I is the sum of all the country's investment, including businesses capital expenditures and NX is the nation's total net exports, calculated as total exports minus total imports (NX = Exports - Imports).