Q&A: What is GDP?

This is a nice article on GDP from the BBC. Read it and answer the following questions:

1) According to the article, what does GDP measure?

2) What does the word ‘Gross” mean in the term “Gross Domestic Product”

3) How many times each year does the Office for National Statistics (ONS) calculate and publish a figure for the UKs’ GDP?


4) What does inflation cause problems when calculating the value of GDP?

5) What does GNP mean? What is the difference between GDP and GNP?

6) Many international institutions use the $USE to compare GDP between countries. Why might it be misleading to compare countries wealth in this way?