The most important use of GDP is as a measure of the size of the economy.
One of the most used metrics for measuring economic performance is the gross domestic product (GDP).
A nation's gross domestic product (GDP) is a measure of all the output produced within a specific time period.
To account for seasonal differences due to weather or holidays, the GDP is seasonally adjusted. Inflation is also taken into account when calculating the GDP, which is the most carefully monitored GDP indicator, in order to reflect output changes rather than changes in the prices of goods and services.
Either nominal or real terms can be used to express GDP. Because nominal GDP is computed using the value of the products and services produced as gathered, it takes into account both the value of output and changes in the overall pricing of that output.
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