gross domestic product
Recent Examples of gross domestic product from the Web
The Commerce Department raised its estimate for economic growth to 3 percent and said the U.S. gross domestic product grew at its fastest pace in two years between April and June.
The agency previously reported that gross domestic product, the broadest sum of goods and services produced across the economy, expanded at a 3.3% rate from July through September.
Abe’s defense minister has requested a budget totaling $46 billion, or 2.5 percent of Japan’s gross domestic product, for next year, far exceeding the long-standing 1 percent cap.
The Fed now sees gross domestic product growing 2.5 percent in 2018, up from the 2.1 percent forecast in September.
From the first quarter of 2013 to the first quarter of 2017, the nominal gross domestic product in Kansas grew by 4.6 percent, according to the Kansas Department of Labor.
The improvement reflected the fact that overall output, as measured by the gross domestic product, accelerated sharply following a weak start to the year.
The result suggests further uncertainty in a region that accounts for a quarter of Spain's gross domestic product, and possibly months of haggling over the formation of a regional government, with seven parties represented in the Parliament.
The outcome of the political battle is crucial for a region that accounts for 19 percent of Spain's gross domestic product.
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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