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. 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 GDP

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

The Commerce Department said Wednesday that U.S. gross domestic product, the broadest measure of economic output, expanded at a robust annual rate of 2.8% in the third quarter.

From Los Angeles Times

The value of Mexico’s exports and imports amounts to almost 90% of the country’s gross domestic product, according to World Bank data.

From Los Angeles Times

The ratio of US debt to its economy or GDP, gross domestic product is already one of the highest among major economies in the world.

From BBC

GDP - or gross domestic product - is closely watched as a sign of how well the economy is faring.

From BBC

The classical definition of a recession is two straight quarters of declining gross domestic product.

From Los Angeles Times