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An Explanation of GDP: Why it Matters and How it is Calculated By: Shelly Casey For: Dr. Patrick Sherlock December 8, 2006 In this report I will discuss the Gross Domestic Product (GDP), what it is, how it is calculated and why it matters. Canada’s GDP is $1,035,000,000,000.00. But what does that mean? It means that the total dollar value of products and services created in Canada in the year 2005 is over $1 trillion according to the World Factbook. This important figure is calculated annually… More information...