Economists at Goldman Sachs recently cut its 2022 outlook for U.S. GDP, partially because of the Omicron variant. But what exactly is the GDP?

The GDP—or gross domestic product—is the total value of all goods and services produced in an economy over a specific time period, usually calculated per year. In short, it’s used as a barometer to measure the size of an economy, as well as an indicator of overall economic health. If the GDP rises year-over-year, that means a country is becoming more productive or wealthy. If it falls, it’s usually a sign of economic recession.

How do the GDPs of different countries around the world match-up? Let’s take a look:

–         United States: 20,936,600.00

–         England: 2,707,743.78

–         France: 2,630,317.73

–         Germany: 3,846,413.93

–         China: 14,722,730.70

–         Russia: 1,483,497.78

–         Canada: 1,644,037.29

–         Mexico: 1,076,163.32

*Values calculated in millions.

Looking ahead to 2022, the U.S. GDP is estimated to grow by 3.8 percent. Fingers crossed that continuing labor shortages and supply chain disruptions don’t compromise gains any further.