gross domestic product


noun

  1. gross national product excluding payments on foreign investments. Abbreviation: GDP

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 nationsAbbreviation: GDP

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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