GDP stands for gross domestic product and measures the total value of goods and services produced within a country's economy over a specific period. It has three main components: consumption, investment, and government spending. GDP is a key indicator used by governments and economists to evaluate the economy and make policy decisions. An increase in GDP signifies economic growth, while a decrease indicates economic contraction. Various financial products like mutual funds, stocks, insurance, bonds, and treasury bills play a role in impacting GDP by facilitating investment, savings, and growth in the overall economy.