Definition, Meaning & Synonyms
gross-domestic-product
noun
/ɡroʊs dɪˈmɛnstɪk ˈprɒdʌkt/
Definition
Gross Domestic Product, often abbreviated as GDP, is the total monetary value of all goods and services produced within a country’s borders in a specific period.
Examples
- In 2020, the country’s gross domestic product fell due to the pandemic.
- The government announced that the gross domestic product had increased by 5% this year.
- Economists use gross domestic product to compare economic performance between different countries.
Meaning
GDP measures a nation’s economic performance and is an indicator of its financial health. It reflects the productivity of a country’s economy and is used for economic analysis and policymaking.
Synonyms
- economic output
- national income
- GDP
- total production
