(KERO) — Reports are showing the U.S. economy is slowing down making it the weakest expansion since the pandemic recovery began. Numbers from the Commerce Department show that the economy slowed down during the summer to a two-percent annual growth rate.
A big part of that slowdown comes from the number of goods and services the country is exporting. The country’s Gross Domestic Product declined by more than six percent from July to September.
What Is Gross Domestic Product (GDP)?
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.
> Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.
> GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate.
> GDP can be calculated in three ways, using expenditures, production, or incomes. It can be adjusted for inflation and population to provide deeper insights.
>Though it has limitations, GDP is a key tool to guide policy-makers, investors, and businesses in strategic decision-making.
But, economists are optimistic that the economy will bounce back during the last quarter of the year as COVID cases could decline and people spend more during the holiday seasons.
But how does this impact our daily lives?
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