What metric is national output typically measured by?

National output is typically measured by Gross Domestic Product (GDP) because GDP represents the total monetary value of all goods and services produced within a country's borders in a specific time period. It is a comprehensive measure that assesses the overall economic activity and health of a nation, making it a vital indicator for policymakers, economists, and analysts.

GDP encompasses several components, including consumer spending, business investments, government expenditures, and the net exports of goods and services. This broad scope allows for a detailed understanding of how well an economy is performing, reflecting the output level and the productive capacity of the nation.

Other metrics like Net National Product focus on the value of goods and services produced, minus depreciation, while the Genuine Progress Indicator evaluates economic progress by considering social and environmental factors in addition to economic ones. The National Happiness Index measures subjective well-being rather than economic output. Thus, while these other metrics offer valuable perspectives on economic and social health, GDP remains the primary standard for measuring national output.