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

Markets have focused on her plan to rescind sales tax on food for two years, costing close to 1% of gross domestic product a year.

From Barron's

Markets have focused on her plan to rescind sales tax on food for two years, costing close to 1% of gross domestic product a year.

From Barron's

Malaysia ranks sixth in worldwide exports of semiconductors, while the sector contributes around 25 percent of gross domestic product, according to Malaysian government figures.

From Barron's

And if you compare this spending to some of the biggest capital efforts in U.S. history by percentage of gross domestic product, you can see exactly how staggering the figures are.

From The Wall Street Journal

In Europe, eurozone and U.K. gross domestic product data will be watched, while in Asia a week packed with key growth data and political developments lies ahead.

From The Wall Street Journal