GDP is significant because it offers insight into the bedrock activity level upon which all economic outcomes depend, Mark Zandi, chief economist at Moody's Analytics, told ABC News.

Commerce Secretary Howard Lutnick wants to separate government spending from GDP, which economists worry could lead to cherry-picking data for political gain.

Meanwhile, GDP growth has been averaging about 2.75% a year. Schoenberger said there are big caveats to keep in mind with January’s jump in imports. For one, that surge probably won’t last.

The role of imports in GDP—Gross Domestic Product—confuses many people. The current political discussion about tariffs has triggered some of the misunderstanding. This article aims to help ...