GROSS DOMESTIC PRODUCT Definition & Meaning

gross domestic product

[ grohs duh-mes-tik prod-uhkt ]

Phonetic (Standard)IPA

noun

gross national product excluding payments on foreign investments. : GDP

gross domestic product

noun

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

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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Example Sentences

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In addition, since federal spending directly contributes to gross domestic product, cuts of this magnitude risk slowing the economy.

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Economists with the Brooking Institution think tank have predicted that the tariffs will reduce the United States’ gross domestic product, employment, wages and exports while increasing inflation, particularly if Mexico responds with retaliatory tariffs.

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You might be having a bad day, but you’re probably not doing worse than investment banking company Citigroup, which accidentally transferred roughly three times the United States gross domestic product into a client’s bank account.

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Mark Zandi, chief economist at Moody’s, estimates that almost one-third of the U.S. gross domestic product comes from the spending habits of the top earners.

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At the same time, our gross domestic product has continued to increase.

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