GDP
(Gross Domestic Product).
Formula
GDP = C + I + G + (X − M)
Real World
The UK's GDP fell by 9.8% in 2020 due to COVID-19 lockdowns, the largest annual drop since records began, signalling a deep recession that prompted government stimulus spending.
Exam Focus
When asked to 'analyse' GDP data, always link the figure to a business impact, not just the definition.
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