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gross domestic product
gross domestic productn. Abbr. GDP The total market value of all the goods and services produced within the borders of a nation during a specified period.gross domestic product n (Economics) the total value of all goods and services produced domestically by a nation during a year. It is equivalent to gross national product minus net investment incomes from foreign nations. Abbreviation: GDP gross′ domes′tic prod′uct n. gross national product excluding payments on foreign investments. Abbr.: GDP gross domestic productTotal value of all goods and services produced domestically annually by a country and is equal to gross national product less receipts from investment incomes from abroad.ThesaurusNoun | 1. | gross domestic product - the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year)GDPvalue - the quality (positive or negative) that renders something desirable or valuable; "the Shakespearean Shylock is of dubious value in the modern world" | Translationsgross domestic product
gross domestic product: see gross national productgross national product (GNP), in economics, a quantitative measure of a nation's total economic activity, generally assessed yearly or quarterly. In estimating the GNP, only the final value of a product is counted (e.g., automobiles, but not the steel that they contain). ..... Click the link for more information. .gross domestic product the total value of all goods and services produced domestically by a nation during a year. It is equivalent to gross national product minus net investment incomes from foreign nations gross
gross [grōs] coarse or large; visible to the naked eye.Gross (grōs), Ludwik, 20th-century U.S. oncologist. See: Gross virus, Gross leukemia virus. gross (grōs), Coarse or large; large enough to be visible to the naked eye; macroscopic. [L. grossus, thick] gross (grōs) Coarse or large; large enough to be visible to the naked eye. [L. grossus, thick]gross domestic product
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 ProductA 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: - 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. AcronymsSeeGDPgross domestic product Related to gross domestic product: GDP Growth Rate, Real GDP Growth RateSynonyms for gross domestic productnoun the measure of an economy adopted by the United States in 1991SynonymsRelated Words |