Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly.
GDP is the sum of gross value added (GVA) of all resident producer units plus that part (possibly the total) of taxes on products, less subsidies on products, that is not included in the valuation of output. Where GVA is the difference between output and intermediate consumption. GDP is also equal to the sum of the final uses of goods and services (all uses except intermediate consumption) measured at purchasers’ prices, less the value of imports of goods and services. GDP is also equal to the sum of primary incomes distributed by resident producer units.
Absolute values or Common currency (US$) estimates are computed by the secretariat using purchasing power parities (PPPs), which are the rates of currency conversion that equalise the purchasing power of different currencies. PPPs, and not exchange rates, should be used in international comparisons of GDP and its components.
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