"What is GDP ? Government spending+consumer spending+company spending on goods, services and some financial products perhaps ? Are these figures adjusted for inflation ? By how much will the increase of the price of oil and products inflate the GDP number ? How much of the increasing housing bubble has contributed to the increasing GDP (i.e how much of the the increasing GDP can be attibuted to the creation of money) ? I'm not an economist but as I understand it, GDP is a measure of economic activity, not a measure of the total value of goods. If the measure of GDP is correct however it should bear a relationship to the total value of goods but in some conditions this relationship could be broken ..."

GDP is the value of all goods produced or imported during the year. Of course, that value is measured by market price, so if some good doubles on price during the year a factory producing it contributes twice what it did at the previous year while producing the same.

The GDP is corrected by inflation, what reduces the problem of using market prices. But any correction is useless when your inflation statistics are fake. Even with real statistics, that still pose some problems.

Also, the GDP measures only what was produced, and during a single year. It doesn't measure depreciation, for example, what leads to the broken window falacy. It also can only price what is comercialized.

But keep in mind that I may be wrong on some details, since I also am not an economist. I just think it is interesting and study it a lot.