GDP

Gross Domestic Product(GDP) is a monetarymeasureof the market value of all final goods and services produced in a period (quarterly or yearly).Nominal GDPestimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.Nominal GDP per capitadoes not, however, reflect differences in thecost of livingand theinflation ratesof the countries; therefore using a basis ofGDP at purchasing power parity (PPP)is arguably more useful when comparing differences inliving standardsbetween nations.