An oft-heard term, GDP is the abbreviation of Gross Domestic Product. GDP is the total value of goods and services produced within a country during a specific period, say a year. It determines the size of an economy. Simply put, GDP is one of the ways to measure a country's economic health. It includes private investments, government investments, consumption, government spending, and exports minus imports. A high GDP indicates a robust economy, while a country with a low GDP is a poor economy. The GDP figure is important for policy makers, investors, economists, businesses and bankers. Countries across the globe have different methods to arrive at their country's GDP. Each country prepares and publishes its own GDP data regularly. The country with the highest GDP in the world is the United States with over $25 trillion. The country with the lowest GDP is Burundi with $2.9 billion. According to reports, India with a GDP of about $3.4 trillion is the fifth biggest economy in the world.
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