What is the term for the total value generated by a country's production?

The total value generated by a country's production is referred to as GDP, which stands for Gross Domestic Product. GDP measures the monetary value of all finished goods and services produced within a country's borders in a specific time period, usually annually or quarterly. It serves as a comprehensive indicator of a nation's overall economic activity and health, allowing for comparisons between different economies over time.

GDP includes all private and public consumption, government outlays, investments, added value created through the production of goods and services, and the value of exports minus the value of imports. This makes it a key indicator for policymakers and economists to assess the performance of an economy and guide economic decisions.

Other terms like GNP, NDP, and PPP represent different concepts. Gross National Product (GNP) measures the value of all goods and services produced by a nation's residents, regardless of whether production occurs within national borders, while Net Domestic Product (NDP) accounts for depreciation in the economy, focusing on the net value. Purchasing Power Parity (PPP) is a method used to compare economic productivity and standards of living between countries by considering the relative prices of goods and services, rather than the total production value.