What is to be understood by gross domestic product (GDP)?

The gross domestic product (GDP) is a measure of the performance of a national economy. It indicates the value of the goods and services produced in the economic territory (value added) over a given period (year) unless they are used as intermediate consumption for the production of other goods and services. The value of the goods and services can be measured in terms of the price level of the given period or the price level of another period (price adjustment).
Detailed description of the gross domestic product in the relevant article of Statistics from A to Z