Why is it important to monitor the Gross Domestic Product (GDP) and how does it impact the overall economic health of a country?

Monitoring the Gross Domestic Product (GDP) is important because it measures the total value of goods and services produced in a country. It impacts the overall economic health by indicating the country's economic growth, stability, and standard of living. A rising GDP usually signifies a healthy economy, while a declining GDP may indicate economic problems like recession or inflation.