“Real gross domestic product — the output of goods and services produced by labor and property located in the United States”. This is mainly used as a measure of economic output. You look for GDP going negative to signal a recession. The GDP itself is a huge economic indicator, but it pays to find out what goes into the GDP and look at the components.
The components of GDP are private consumption, investment, government spending, and exports minus imports or as an equation GDP = C + I + G + (X – M). Next time I will explore each of these components.