Gross Domestic Product (GDP) is a measure of the economic activity within a country. It represents the total value of all goods and services produced by the country's residents, both individuals and corporations, regardless of where they are located. Here is an explanation of GDP and its calculation:

• GDP measures the overall economic health of a nation and is a key indicator of its economic growth and development.
• It includes the value of goods produced (manufacturing, agriculture, etc.) and services rendered (banking, healthcare, etc.) within a country during a specific time period, usually a year.
• The calculation of GDP involves adding up the value of all final goods and services produced, avoiding double counting.
• The expenditure method calculates GDP by summing up consumer spending, investment, government spending, and net exports (exports minus imports).
• The income method calculates GDP by adding up the incomes earned by individuals and businesses, such as wages, salaries, profits, and rents.
• GDP can be measured using the production approach, which estimates GDP by calculating the value added at each stage of production.
• GDP per capita, by dividing the GDP by the population, helps assess the average economic well-being of individuals in a country.

Overall, GDP is a crucial measure that provides insight into a country's economic performance and is used by policymakers and economists to compare and analyze different economies.