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

The International Monetary Fund forecasts Iran’s gross domestic product will shrink 6.1% this year, which would be its steepest contraction since the 1980s.

From The Wall Street Journal • Jun. 29, 2026

U.S. per-capita gross domestic product stood at roughly $85,000 in 2024, compared with around $43,000 in the European Union.

From The Wall Street Journal • Jun. 28, 2026

But U.S. healthcare spending, at 17% of annual gross domestic product, is gigantic.

From MarketWatch • Jun. 25, 2026

That will aggravate a budget deficit that already exceeded 6% of gross domestic product last year.

From Barron's • Jun. 22, 2026

About six percent of the country’s gross domestic product is spent on education, more than double the percentage of comparable spending in the United States, Japan, or Britain.

From "Escape from Camp 14: One Man's Remarkable Odyssey from North Korea to Freedom in the West" by Blaine Harden