GDP (Gross Domestic Product)
Gross Domestic Product (GDP) is a measure of the economic output of a country or region. It is calculated by summing the market value of all goods and services produced within a specific period of time. In procurement, GDP is used as an indicator of economic growth, stability, and purchasing power, allowing decision-makers to develop strategies for taking advantage of economic opportunities. By understanding this data, businesses can gain insight into the potential success of their strategies and make more informed decisions about sourcing products and services.
