gross domestic product
noun
gross national product excluding payments on foreign investments. Abbreviation: GDP
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British Dictionary definitions for gross domestic product
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
Abbreviation: GDP
Cultural definitions for gross domestic product
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.