gross domestic product

American  

[grohs duh-mes-tik prod-uhkt] / ˈgroʊs dəˈmɛs tɪk ˈprɒd əkt /

noun

1. gross national product excluding payments on foreign investments. GDP

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gross domestic product British  

noun

1.  GDP.  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

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gross domestic product Cultural  

1. The monetary value of all of a nation's goods and services produced within a nation's borders and within a particular period of time, such as a year. It became the official measure of the U.S. economy in 1991. It replaced “gross national product,” which covered all goods and services produced by U.S. residents regardless of where they were working.

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Compare meaning

How does gross-domestic-product compare to similar and commonly confused words? Explore the most common comparisons:

• gross domestic product vs. gross national product

Example Sentences

“We often talk about the $30 trillion American economy being a dynamic and resilient beast, and the gross domestic product data for the third quarter was no exception,” said Joseph Brusuelas, chief economist at RSM.

From The Wall Street Journal

Days later, the Treasury eased sanctions on three Belarusian potash companies, which amount to some 4% of the country’s gross domestic product.

From The Wall Street Journal

All three major US indices advanced, shaking off early weakness after the country's strong gross domestic product report sparked talk that the Federal Reserve would refrain from further interest rate cuts.

From Barron's

Take the third-quarter report on gross domestic product, the official scorecard of the economy.

From MarketWatch

Take the third-quarter report on gross domestic product, the official scorecard of the economy.

From MarketWatch