Gross Domestic Product, or GDP, is a measure of the total value of all goods and services produced in a country over a specific period, usually a year. It helps to gauge the economic health of a nation and indicates how well the economy is performing. A rising GDP suggests that the economy is growing, while a declining GDP may signal economic trouble. GDP can be calculated using three different approaches: production, income, and expenditure. The expenditure approach, for example, adds up all spending on final goods and services, including consumption, investment, government spending, and net exports. Understanding GDP is essential for policymakers, businesses, and investors to make informed decisions.