While imperfect, the metric carries major real-world implications, experts say.
"You can tell if the economy is improving or not," Tilley said. "GDP going up means there's more likely to be job growth and improved wellbeing."GDP is significant because it offers insight into the bedrock activity level upon which all economic outcomes depend, Mark Zandi, chief economist at Moody's Analytics, told ABC News.
The presence of such output in turn enables a given material quality of life, said Tilley, of Wilmington Trust.Scott Olson/Getty Images"All other things being equal, a country that has a higher GDP is thought to have a better standard of living," he added. Inevitably imprecise, GDP tries to assess value across vast and diverse economic offerings, Zandi said.
On the other hand, some critics point out that the ostensibly comprehensive metric excludes a host of relevant activities.
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