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Gross domestic product – Wikipedia

 October 7, 2019

Gross domestic products is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually. GDP per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity is arguably more useful when comparing living standards between nations.

https://en.wikipedia.org/wiki/Gross_domestic_product