gross domestic product
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Gross domestic product (GDP)
Gross Domestic Product
gross domestic product (GDP)
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:
- the sum of the value added by each industry in producing the year's output (the output method);
- the sum of factor incomes received from producing the year's output (the income method);
- 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.