Gross Domestic Product (GDP) includes consumer spending, government spending, net exports, and total investments. It functions as a comprehensive scorecard of a country’s economic health.

Gross domestic product, adjusted for inflation, rose at a 1.1 percent annual rate in the first quarter, according to preliminary data released by the Commerce Department on Thursday.

Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. Real GDP is expressed in base-year prices.

Moreover, “gross” domestic product takes no account of the “wear and tear” on the machinery, buildings, and so on (the so-called capital stock) that are used in producing the output. If this depletion ...