Narva Castle in Estonia and Ivagorod Castle in Russia
Menu

Estonia Flag Estonia

Country Overview

Business Culture

Communications

Clothing Size Guides

Cost of Living

Culture and Society

Demographics

Driving and Autos

Economy and Trade

Education

Electrical

Environment

Food and Recipes

Government

Help!

Health and Medical

History

Holidays and Festivals

Language

Life Stages

Maps

Money and Banking

Media Outlets

Music

Names

National Symbols

Points of Interest

Quality of Life

Religion

Resources for Kids

Security Briefing

Social Indicators

Taxation

Travel Essentials

Gross Domestic Product

What Is It?

Gross Domestic Product (GDP) is the total value of the goods and services that are produced within a country's borders by citizens and non-citizens in a fiscal year.

How Is It Calculated?

Gross Domestic Product (GDP) is calculated using one of three methods:

  1. Production Method: The sum of all value added to each stage of production of all goods and services.
  2. Income Method: The sum of all wages, profits, interest, and rents.
  3. Expenditure Method: The sum of the purchase values of all goods and services.

There will be slight variances when comparing these three methods, but they produce fundamentally the same result.

As a point of reference, Gross National Product (GNP) is the total value of goods and services that are produced by the citizens of a country both domestically and abroad.

What Does It Mean?

GDP is a broad measure of a country’s overall domestic production and so gives an overview of a country’s economic health. It is among the more important indicators that policymakers, investors, and businesses use in strategic decision-making.

Loading

Sign In

Please enter your user name and password.

We respect your privacy, and we only use performance and functionality-related cookies that are operationally necessary.

You can view our privacy policy here.

OK