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

All told, the two men increased their net worth by a staggering $200 billion last year, a sum greater than the gross domestic products of 139 countries.

From Washington Post

Canada, Scandinavia, Iceland and Russia each could see as much as fivefold bursts in their per capita gross domestic products by the end of the century so long as they have enough people to power their economies at that level.

From ProPublica

The effects would reverberate outside the transit system and result in about 450,000 regional job losses and a $65 billion cut to the region’s gross domestic product, according to a New York University study.

From Washington Post

In 1972 the fourth king of Bhutan put forward the idea of ditching gross domestic product as the nation’s main measurement of success and instead trying to measure how content people were.

From MIT Technology Review

For centuries, gross domestic product and energy have risen almost in lockstep around the world.

From Quartz