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Gross domestic product (GDP) is a statistic economists use to measure the total amount of goods and services produced in a country during a specific time period, usually a quarter or a year. This number is calculated in one of three ways:
- The total value of all finished goods and services purchased
- The total value created in producing them
- Or the total value of compensation or profits received by individuals and companies in return for producing them.
GDP is used to compare the economies of different countries as well as to measure growth in a single country’s economy over time. Nominal GDP is not adjusted for inflation, so when prices are rising rapidly, real GDP (adjusted for the impact of inflation) is a more meaningful measure.
Example: “According to the Organization for Economic Co-operation and Development (OECD), Canadian GDP was USD$52,022 per person in 2021, more than double that of Mexico (USD$20,383), but much lower than the U.S. GDP of USD$70,523.”
Read more about the economy:
- What’s the GDP in Canada?
Read the latest report on Canada’s economy and the real gross domestic product. - How to prepare for a recession
Your best defence against a recession is to follow some basic principles: Save up for emergencies, diversify your holdings, and sharpen your resume. - What the Bank of Canada’s latest overnight rate hike means for your finances
The central bank’s overnight interest rate sets the tone for the prime rates offered by banks. We explain what changes in the policy rate mean for you. - How might inflation impact your retirement plans?
Inflation not only affects the cost of living—it could mean your investments don’t grow the way you’ve hoped. Consider these strategies to keep your nest egg safe. - Why this recession might not look like the last one
The 2008 downturn saw a scary 50% stock selloff and scores of job losses. But one economist says whatever comes next will be ”massively different.”
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