Definition, Meaning & Synonyms
GDP
Noun
/ˌdʒiː.diː.ˈpiː/
Definition
Gross Domestic Product is the total monetary value of all finished goods and services produced within a country’s borders in a specific time period.
Examples
- The GDP of the United States increased by 2% in the last quarter.
- Economic analysts predict that the GDP will recover next year.
Meaning
GDP is a key indicator used to gauge the health of a country’s economy. It represents the size of the economy and its growth rate.
Synonyms
- Gross domestic product
- National output
- Economic output
