What is GDP and why is it important for a country?
Answer (1)
GDP, or Gross Domestic Product, is the total value of all goods and services made in a country within a certain period. It tells us how active and healthy a country’s economy is. For example, if GDP is rising, businesses are producing more, people have jobs, and incomes may grow. But if GDP falls, it may mean less production, job cuts, and lower spending. In the Philippines, a higher GDP is a sign that the country is recovering after a crisis like a typhoon or the pandemic.
