what is gross domestic product gdp 
gross domestic product is the total value of all the finished goods and services produced within a country s borders within a specific time as a broad measure of overall domestic production it functions as a comprehensive scorecard of a given country s economic health though gdp is usually calculated annually it is sometimes calculated every quarter as well the u s government releases an annualized gdp estimate for each fiscal quarter and for the calendar year the individual data sets included in the report are given in real terms so the data are adjusted for price changes and are therefore net of inflation 