gross domestic product

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Gross domestic product (GDP)

The market value of final goods and services produced over time including the income of foreign corporations and foreign residents working in the U.S., but excluding the income of U.S. residents and corporations overseas.

Gross Domestic Product

A measure of the value of the total production in a country, usually in a given year. Gross domestic product is calculated by adding together total consumer spending, total government spending, total business spending, and the value of net exports. GDP is considered one of the leader indicators of the health of a nation's economy. GDP growth is considered desirable and represents the fact that businesses are producing and that consumers and the government are buying. It is often used as a way to measure a country's standard of living. See also: GNP.

gross domestic product (GDP)

The dollar output of final goods and services in the economy during a given period (usually one year). GDP is one measure of the economic vitality of a country and provides some indication of the health of near-term corporate income. See also economic activity.

Gross domestic product (GDP).

The total value of all the goods and services produced within a country's borders is described as its gross domestic product.

When that figure is adjusted for inflation, it is called the real gross domestic product, and it's generally used to measure the growth of the country's economy.

In the United States, the GDP is calculated and released quarterly by the Department of Commerce.

gross domestic product (GDP)

the total money value of all final goods and services produced in an economy over a one year period.

gross domestic product (GDP)

the total money value of all final GOODS and SERVICES produced in an economy over a one-year period. Gross domestic product can be measured in three ways:
  1. the sum of the value added by each industry in producing the year's output (the output method);
  2. the sum of factor incomes received from producing the year's output (the income method);
  3. the sum of expenditures on the year's domestic output of goods and services (the expenditure method).

In 2003, the UK's GDP totalled £1,100 billion (in current market prices). See Fig. 133 (b) , NATIONAL INCOME ACCOUNTS entry See Fig. 166 , REAL VALUES entry, which gives details of the UK's GDP for the period 1997–2003. See SECULAR TREND.

References in periodicals archive ?
This needs to be done not only at the feature level of the current channeling doctrines, but at the economic product level--the level at which most appropriation strategies are adopted.
If birds are to be viewed as a potential economic product, rather than a conservation resource, Kemp says further research must be conducted.
This petroleum rent, or profit above cost, is comparable in magnitude to the planet's total gross economic product (world gross economic product was $30 trillion in 1997; World Bank, 1999).
Margarine is an economic product resembling butter in appearance consists of vegetable and or animal fats not derived from milk, margarine has become a very important food in many countries, because of lesser price than that of butter.
A recession is thought to be a temporary departure from the norm--from the substantially full employment of willing workers and a steady expansion in economic product.
Does this economic product make sense, especially for the intended audience?
Among economists, for example, it is generally accepted that money equals wealth, that the proper measure of economic product is in money terms, that the money value of an economic activity denotes its value independent of the usefulness of the product.
The company records deferred revenues and deferred cost of revenues on its balance sheet, and amortizes them into earnings on a straight-line basis over the estimated economic product life.
It linked the mounting unemployment in the Arab world to high population growth, failure to graduate university students of specializations needed in the labor market, fall of domestic gross economic product, applying economic openness in many Arab countries, along with privatization that resulted in dismissing a large number of workers.
However, the value of an education is diminished if it produces a marketable economic product without having nurtured the student's potential, strength and natural drives.
3 per cent to gross economic product in 2011, says Sultan bin Saeed Al Mansouri, UAE Minister of Economy.
The ambassador pointed out that the forum is a practical step toward the economic interaction between the governmental and private sector enterprises in the two countries as it will take part in setting up significant business and economic relations, in addition to its role in crystallizing the concept of the desired economic partnership between the two sides for consolidating the outcome of the joint trade in the gross economic product in the two states.