Gross Domestic Product: CNBC Explains     Text Size   Published:
Thursday, 3 Nov 2011 | 10:50 PM ET By: | Senior Editor, CNBC
The gross domestic product or GDP, is arguably the most
important indicator on the health of a country's economy.  DNY59
| E+ | Getty Images  So what statistics are used to determine
GDP? How does it affect the markets and the average citizen?
CNBC explains.  What is GDP?  GDP represents the total dollar
value of all goods and services produced over a specific time
period. In short, it's everything produced by people and
businesses, including salaries of workers.  GDP figures are
calculated and released every business quarter by the Bureau of
Economic Analysis, which is part of the Department of Commerce.
The BEA often revises estimates—either up or down—as it receives
better data throughout the next quarter. (More on this later)
Usually, GDP is a comparison to the previous quarter or year.
For example, if the second quarter GDP is up 3 ,percent this
means that the economy has grown