The economy,
in human terms.
Growth, productivity, interest rates, and what comes next.
Nominal GDP values output at the prices of its period; real GDP adjusts for inflation to compare production over time. The two measures can move differently, so a growth headline needs its measure, period and reporting convention.
GDP counts final output, or the value added at each stage, so the same production is not counted again when an intermediate input becomes part of a finished product.
The expenditure approach adds consumption, investment, government purchases, and exports, then subtracts imports. The adjustment for imports helps measure production within the United States, since imported goods may appear in spending categories without having been made domestically.
Gross domestic product measures the value of final goods and services produced in the United States. It helps track output and growth, but it does not capture every transaction or fully describe how income, opportunity, or well-being is distributed.
