Gross Domestic Product

$GDP = C+I+G+(X-M)$

Consumer Spending + Income + Government Spending + Current account Balance (Exports - Imports)

Limitations

Inflation: price increases can cause growth rates to be misleading
Population changes
Stastical errors
Home produced goods
Hidden economy
Living standards
Externalities

Other Options

Real GDP, considers inflation and price changes
GDP per capita, takes into account of the population changes
Green GDP, takes into account for environmental damages