gross domestic product

[grohs duh-mes-tik prod-uhkt]

noun

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

gross domestic product

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

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.

Example Sentences

If California was a country, its economy would be ranked as the fourth-largest in the world, with a nominal gross domestic product of $4.1 trillion.

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U.K. jobs and gross domestic product data will be in focus.

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Lai reiterated on Friday plans to ramp up defence spending to more than three percent of gross domestic product next year and five percent by 2030, "showing our determination to safeguard the nation".

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The last shutdown, in 2018, lopped just 0.2% off gross domestic product over its five weeks, according to the Congressional Budget Office External link.

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Economists continue to expect net trade will be a tailwind for gross domestic product in the third quarter, but they caution the effect may be smaller than previously expected.

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