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

Energy imports could spike from their average around 3.5% of gross domestic product to 6% if war keeps raging in the Persian Gulf, estimates Marcel Thieliant, head of Asia Pacific at Capital Economics.

From Barron's

Instead, gross domestic product, the official scorecard of the economy, has expanded at an average annual rate of 2.6% in the past four years.

From MarketWatch

Unprecedented AI capital spending in the U.S. is already a significant driver of gross domestic product, challenging consumer spending as the dominant engine of economic growth.

From The Wall Street Journal

The U.S. accounted for half the world’s gross domestic product, while much of the Continent was a smoking ruin.

From The Wall Street Journal

A quicker resolution—say, anywhere within the next five weeks—would push global inflation higher but result in a “relatively small” hit to global gross domestic product.

From Barron's