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 ?
The region would currently benefit because GDP per head is currently 73.
Figure 2-5: Forecast for GDP per Head (US$), 2009-2012
Figures from the GMB union suggested an increase in the population meant GDP per head was still 5.
As a result our GDP per head would increase from 79% to 86% of the UK average.
Figure 3-9: Forecast for GDP per Head (US$), 2010-2012
He said: "We know that the size of the population has got bigger and economists look at GDP per head and as a result we are still some way ogetting back to pre-crisis levels.
But despite this change, there was still a long way to go with Birmingham lagging behind the EU average GDP per head.
GDP per head is estimated at 182 US dollars (pounds 90).
At present, Liverpool, along with Manchester, Birmingham and Newcastle have only half the GDP per head of some other major European cities.
Baroness Cohen, Chairman of the House of Lords EU Committee on Economic and Financial Affairs, said: "It makes no sense for significant regional funding to continue to be ploughed into rich regions of more wealthy member states like the UK, France and Germany when even the richest regions of states such as Bulgaria and Romania fall well below EU averages of GDP per head.
In 1998, London had the highest level of GDP per head, over pounds 16,200.
Beyond the reconstruction period, Fitch will look for growth- and competitiveness-enhancing reforms to tackle underlying structural weaknesses, such as social inequity and lower GDP per head at market exchange rates, which currently constrain Chile to the 'A' category.