Gross domestic product (
GDP) is a monetary
measure of the value of all final goods and services produced in a period (quarterly or yearly). GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.
Nominal GDP however do not reflect differences in the
cost of living and the
inflation rates of the countries; therefore using a
GDP PPP per capita basis is arguably more useful when comparing differences in
living standards between nations.