GDP

GDP (Gross Domestic Product) represents the total value of all goods and services produced by a country within a year. It serves as a measure of the size of a nation's economy. Generally, a higher GDP indicates a stronger economy. GDP per capita calculates this value per person by dividing the GDP by the country’s population, helping to compare living standards across different countries.While a higher GDP per capita is usually linked to a higher standard of living, this is not always the case. For example, in some oil-producing countries, a small group of people, like a royal family, may control most of the wealth, while most of the population lives in poverty. Therefore, GDP per capita does not always reflect the true well-being of a country’s people.