According to the IMF's general definition, GDP measures output over a given period, such as which two common periods?
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A quarter or a year
Gross Domestic Product (GDP) acts as a scorecard for a country's economic health, typically reported annually to show long-term growth and quarterly to track short-term trends. Comparing these specific periods allows economists to identify cycles, such as a recession, which is often defined by two consecutive quarters of declining output. Think of these as the "standard check-ups" that governments use to monitor the pulse of their national economy.