Gross Domestic Product (GDP)

Gross Domestic Product (GDP)

Gross Domestic Product (GDP) is a measure of economic activity within a country. It is the total value of all goods and services produced over a specific time period within a country's borders.

Pronunciation

• /ɡroʊs dəˈmɛstɪk ˈprɒdʌkt/

Etymology

The term "Gross Domestic Product" is derived from the phrase "domestic gross product", first coined in the United States in the early 20th century. The term was later standardized by the International Monetary Fund (IMF) and the World Bank.

Definition

GDP is the monetary value of all finished goods and services made within a country during a specific period. It provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP can be calculated in three ways: through production, income, or expenditure.

Related Terms

• Gross National Product (GNP)
• Net Domestic Product (NDP)
• Real Gross Domestic Product (Real GDP)
• Nominal Gross Domestic Product (Nominal GDP)
• Per Capita Gross Domestic Product (Per Capita GDP)

See Also

• Economics
• Macroeconomics
• National Income Accounting
• Economic Indicator

References

• International Monetary Fund
• World Bank

External links

• Medical encyclopedia article on Gross Domestic Product (GDP)
• Wikipedia's article - Gross Domestic Product (GDP)

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