Gross Domestic Product measures the value of final goods and services produced in the economy over a period of time.

A common way to estimate Gross Domestic Product is the sum of consumption by households of final goods and services, investment in factories & equipment and new homes, government expenditure and exports less imports.

Real GDP includes the effects of inflation in the price of goods and services in the measure of aggregate goods and services produced.

The value of aggregate expenditure on final goods and services in the economy is roughly equivalent to the value of final goods and services produced and the aggregate level of income.