Definition, Meaning & Synonyms
pib
Noun
/ˈgɹoʊs dɪˈmædɪk ˈprɔːdʌkt/
Definition
PIB is the acronym for ‘Produto Interno Bruto’ in Portuguese, which translates to ‘Gross Domestic Product’ (GDP) in English.
Examples
- The PIB of Brazil has shown significant growth over the past decade.
- Economists use PIB as a primary indicator of a country’s economic health.
- When the PIB rises, it generally indicates an improvement in the nation’s economy.
Meaning
Pib (Gross Domestic Product) is a monetary measure that represents the market value of all final goods and services produced in a country during a specific period, usually annually or quarterly.
Synonyms
- Gross Domestic Product (GDP)
- National output
- Economic output