Definitions for gross domestic product
gross domes·tic prod·uct

Princeton's WordNetRate this definition:0.0 / 0 votes

1. gross domestic product, GDPnoun

   the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year)

WiktionaryRate this definition:0.0 / 0 votes

1. gross domestic productnoun

   A measure of the economic production of a particular territory in financial capital terms over a specific time period.

   Synonym: GDP

WikipediaRate this definition:0.0 / 0 votes

1. Gross domestic product

   Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP (also called the Mean Standard of Living). GDP definitions are maintained by a number of national and international economic organizations. The Organisation for Economic Co-operation and Development (OECD) defines GDP as "an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)". An IMF publication states that, "GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year)."GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the "world's" most powerful statistical indicator of national development and progress". However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities, such as resource extraction, environmental impact and unpaid domestic work. Critics frequently propose alternative economic models such as doughnut economics which use other measures of success or alternative indicators such as the OECD's Better Life Index as better approaches to measuring the effect of the economy on human development and well being.

WikidataRate this definition:0.0 / 0 votes

1. Gross domestic product

   Gross domestic product is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living; GDP per capita is not a measure of personal income. Under economic theory, GDP per capita exactly equals the gross domestic income per capita. GDP is related to national accounts, a subject in macroeconomics. GDP is not to be confused with gross national product which allocates production based on ownership.

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How to pronounce gross domestic product?

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How to say gross domestic product in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of gross domestic product in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of gross domestic product in Pythagorean Numerology is: 2

Examples of gross domestic product in a Sentence

1. Gennadiy Goldberg:

   Market pricing for upcoming rate hikes is certainly being supported by the stronger April personal income and spending numbers this morning, if the Fed is really data-dependent and looking at growth momentum, these numbers would do very well for GDP (gross domestic product) tracking and that's helping push yields higher.

2. David Bergstein:

   Structurally they are betting the farm and everything possible to get through these midterms, and they are just opening up the checkbook to do it. ' Public investment shrinks as safety net balloonsWhatever the immediate political impact, if President Joe Biden ultimately signs anything like the proposed program, it would mark a new era in Washington's role in the economy.Over the past 50 years, federal spending, as a share of the nation's economic output, has averaged about 20.6 %, according to calculations by the Committee for a Responsible Federal Budget, a centrist group that argues for budgetary restraint. Washington has significantly exceeded that level only in times of crisis : Spending reached 24 % of the nation's gross domestic product during Obama's first term immediately after the 2008 financial crisis and roughly 32 % during the Covid pandemic, federal figures show. ( Federal spending as a share of the economy reached its modern high of more than 40 % at the height of World War II.) Though federal spending over the past half century has remained relatively constant at about one-fifth of the economy, the composition of that spending has shifted dramatically. Over that period, public investment -- defined primarily as federal spending on infrastructure, education and training, and support for research and development -- has declined, while the safety net -- including such payments to individuals as Social Security, Medicare, Medicaid, food assistance and various tax credits for families -- has soared. Its totally different from anything put forward by Obama or Clinton. In terms of any kind of coherent strategic focus theres been nothing like this since the build-out of the suburbs, and the buildup of the educational system.Josh Bivens, research director, Economic Policy InstituteIn 1969, federal figures show, public investment and payments to individuals each consumed nearly one-third of total federal spending, an amount equal to about 6 % of the economy. By 2019, the last year before Washington poured huge sums into the Covid crisis, public investment had fallen to just 12.5 % of Responsible Federal Budget while payments to individuals had grown past 70 %. Public investment now equals only about 2.5 % of the economy, while payments to individuals consume more than five times as much.The exact distribution between public investment and safety net spending in the Democratic plans isn't known, because the party hasn't released details on the funding levels in the $ 3.5 trillion budget blueprint that Senate Democrats recently agreed on. But it's clear that the proposal -- coupled with the bipartisan infrastructure agreement advancing on a separate track -- would represent a huge expansion on both fronts.The infusion of new money for public investment might be most striking, given how steadily it has lost ground in federal priorities. Public investment fell from about 30 % of federal spending in the late 1960s to about 20 % by the late 1970s and 15 % by the mid-1990s, a plateau from which it's since drifted further down except for a brief recovery under Obama's first-term stimulus plan. The budget plans Senate Democrats are advancing would provide a more lasting turnaround. The bipartisan plan would spend almost $ 600 billion on.

3. Li Wei:

   In the last 30 years of reforms and opening up, China's gross domestic product has posted annual growth of around 10 percent. Against this, 6.5 percent is not high, but it will be very difficult to achieve this pace of growth.

4. Gene Dodaro:

   These projections go to 200, 300 percent, and even higher of debt held by the public as a percent of gross domestic product, we’re going to owe more than our entire economy is producing and by definition this is not sustainable.

5. Finance Minister Mauricio Cardenas:

   Today Congress has approved a reduction in the nation's general budget from 26 percent of gross domestic product to 25 percent of gross domestic product - we have tightened our belts.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=gross domestic product
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Gross_Domestic_Product
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Gross_Domestic_Product
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=gross domestic product