Gross-domestic-product meaning

The total market value of all the goods and services produced within the borders of a nation during a specified period.
noun
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The definition of the gross domestic product is the value of all the finished goods and services produced by a country during a specific period of time.

An example of the gross domestic product is the total of all the consumer, business and government spending in the United States during twelve months plus the value of the exports during that twelve month period.

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The total value of the annual output of goods and services produced within a nation's borders: it excludes the foreign output of domestic firms and includes the domestic output of foreign firms.
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The total production and consumption of goods and services in a country. GDP measures production by totaling the labor, capital, and tax costs of producing the output. To calculate consumption, GDP adds up expenditures by households, businesses, government, and net foreign purchases. GDP is a closely watched economic indicator that provides a wide and encompassing picture of economic activity. In the United States, the Department of Commerce assembles GDP data in its Bureau of Economic Analysis. The report is produced one month after the quarter’s end and then is updated a month later followed by another update a month later. GDP is closely watched because it is a very comprehensive measure of economic activity. It also measures inventories, which is an important indicator of economic activity. If inventories are growing strongly, then that suggests a slowing economy because products are sitting on the shelf and not being sold. However, GDP is problematic because the date is not as timely as monthly or weekly indicators. There also is not regional breakout for GDP. The data also includes the GDP price deflator, which is used to convert output measured at current prices into constant-dollar GDP. This data is used to define business cycle peaks and troughs. Total GDP growth of between 2.0 percent and 2.5 percent is generally considered to be optimal when the economy is at full employment (unemployment between 5.5 percent and 6.0 percent). Higher growth than this leads to accelerating inflation, while lower growth indicates a weak economy.
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Attributive form of gross domestic product, noun.

Gross-domestic-product analysis.

adjective
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(economics) A measure of the economic production of a particular territory in financial capital terms over a specific time period.
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