Definition

Noun: - The total monetary or market value of all finished goods and services produced within a country's borders in a specific time period: It is a primary and broad measure of a nation's overall economic activity and health.

Usage

• As a subject: "Gross domestic product is a key economic indicator."
• As an object: "Economists calculate the gross domestic product quarterly."
• With modifiers: "The annual gross domestic product showed strong growth."

Examples

• The country's gross domestic product grew by 3% last year.
• A primary goal for the government is to increase the nation's gross domestic product.
• When gross domestic product declines for two consecutive quarters, it is considered a recession.

Advanced Usage

• "Real gross domestic product": GDP adjusted for inflation, reflecting the true value of goods and services.
  • Analysts focus on real gross domestic product to understand genuine economic growth.
• "Gross domestic product per capita": GDP divided by the population, indicating average economic output per person.
  • While the gross domestic product is high, the gross domestic product per capita reveals income inequality.

Variants and Related Words

• GDP: The standard and most common acronym for "gross domestic product."
  • The GDP report is released by the Bureau of Economic Analysis.
• Gross National Product (GNP): A related measure that includes the value of goods and services produced by a nation's residents, regardless of location, unlike GDP which is based on geographic borders.

Synonyms

• Economic output: The total value of goods and services produced.
• Aggregate output: The combined total production of an economy.

Related Phrases

• "To boost/grow the gross domestic product": To take actions to increase the total economic output.
  • The new infrastructure projects aim to grow the gross domestic product.
• "A contraction in gross domestic product": A period when the total economic output decreases.
  • The pandemic caused a sharp contraction in gross domestic product.

Noun

1. the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year)