GDP is considered the "world's most powerful statistical indicator of national development and progress". Total GDP can also be broken down into the contribution of each industry or sector of the economy. The OECD defines GDP as "an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services plus any taxes, and minus any subsidies, on products not included in the value of their outputs. Gross domestic product GDP is a monetary measure of the market value of all the final goods and services produced in a specific time period.
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