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

---

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

---

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.

---

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

Consumer spending generally contributes about 70% of gross domestic product and has been a significant driver of economic growth in recent years.

From Barron's

The Commerce Department on Friday said that gross domestic product grew at just a 0.7% annual rate in the fourth quarter of last year, down from an earlier estimate of 1.4%.

From The Wall Street Journal

Today’s revised figure for fourth-quarter gross domestic product shows an economy in worse shape than previously thought.

From Barron's

Now European members of the North Atlantic Treaty Organization have pledged to spend 5% of gross domestic product on arms and security.

From The Wall Street Journal

The university forecast in December that the nation’s real gross domestic product would grow 2% this year — a figure that it is now being revised to 2.2%.

From Los Angeles Times