Macroeconomics › Section F · The macroeconomic perspective › Topic F.1
Measuring the economy with GDP
To judge how an economy is doing, you first have to measure it. Gross domestic product adds up everything a country produces into one number, and knowing exactly what goes into that number, and what stays out, is the starting point for all of macroeconomics.
In this topic
- Why measure the whole economy?
- Defining GDP
- Worked example: avoiding double counting
- The expenditure approach
- US GDP in 2025
- Measuring what is produced
- The income approach
- What GDP leaves out
- GDP, GNP and NNP
- Worked example: GDP, GNP and NNP
- Common mistakes to avoid
- Key takeaways
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