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 ?
Comparing growth at different points in the earnings distribution with that in the economy as a whole depends to some degree on the date at which one bases the calculations, because earnings exhibit less cyclicality than real GDP per head.
However, regional productivity--measured as GDP per hour worked--is seen as the primary motor of improved regional GDP per head.
According to the North East Economic Forum, which met recently, GDP per head in the North-east is below European average levels by 13% for the EU 15 and 5% for the EU25.
According to GDP per head, interregional differences have decreased for some periods (convergence), but it has remained unchanged or even increased for other periods.
And disparities in the new countries will be much greater than now: some regions will have a GDP per head three-quarters of the EU average, others only about a quarter.
In the Triad and other competitiveness comparisons, GDP per head is tackled as the major aggregate indicator.
Moreover, the classic perverse logic of certain management consultants can be seen in the argument of those entering consumer businesses in Egypt -- with a low GDP per head of about $1,300, and a population of 65 million, growth potential is massive, so get in early.
400 The GDP per head in US dollars for India in 1997, a paltry figure compared to the US$33,213 earned by the Japanese - Asia's wealthiest community.
8 GDP per head ($) 1,278 1,343 Inflation (annual % change in CPI) 39.
Background : Podkarpackie Region with GDP per head of 7,927 (EU average, 23600 in 2009 source: Eurostat) is considered as one of the poorest region in Poland and among the twelve poorest in Europe.