gross domestic product
Also found in: Dictionary
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
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005