gross domestic product
Recent Examples of gross domestic product from the Web
The government reported Wednesday that the overall economy, as measured by the gross domestic product, grew at a solid 3 percent rate in the April-June quarter, the best quarterly growth rate in two years.
Thanks to higher defense spending as well, the federal deficit ballooned from an average of 1.8% of gross domestic product in the 1970s to 4% from 1982 through 1989.
Indonesia's gross domestic product was about $873 billion in 2015.
The White House report said including those features in a tax overhaul would generate an increase in gross domestic product—a broad measure of economic output—between 3% and 5% over the next decade.
The Center for American Progress estimated a $460.3 billion loss in national gross domestic product over the next decade, and 685,000 fewer workers, if DACA recipients had to leave.
The Commerce Department reported Friday that the July-September advance in the gross domestic product — the country's total output of goods and services — followed a 3.1% rise in the second quarter.
In 2016, total Medicaid spending was $575.9 billion, which is 3.1 percent of gross domestic product (up from 1 percent of GDP in 1982).
Last week, the government reported that gross domestic product rose at a 3 percent annual rate in the third quarter, the second-straight quarter of solid growth.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'gross domestic product.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of gross domestic product
Financial Definition of GROSS DOMESTIC PRODUCT
What It Is
Gross Domestic Product (GDP) is the broadest quantitative measure of a nation's total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.
How It Works
The equation used to calculate GDP is as follows:
GDP = Consumption + Government Expenditures + Investment + Exports - Imports
The components used to calculate GDP include:
Durable goods (items expected to last more than three years)
Nondurable goods (food and clothing)
Nonresidential (spending on plants and equipment), Residential (single-family and multi-family homes)
Exports are added to GDP
Imports are deducted from GDP
The GDP report also includes information regarding inflation:
The implicit price deflator measures changes in prices and spending patterns.
The fixed-weight price deflator measures price changes for a fixed basket of over 5,000 goods and services.
GDP is calculated both in current dollars and in constant dollars. Current Dollar GDP involves calculating economic activity in present-day dollars. This, however, makes time period comparisons difficult due to the effects of inflation. By comparison, Constant Dollar GDP factors out the impact of inflation and allows for easy comparisons by converting the value of the dollar in other time periods to present-day dollars.
GROSS DOMESTIC PRODUCT Defined for English Language Learners
gross domestic product
Definition of gross domestic product for English Language Learners
: the total value of the goods and services produced by the people of a nation during a year not including the value of income earned in foreign countries
Learn More about gross domestic product
Britannica.com: Encyclopedia article about gross domestic product
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