Definition of gross-domestic-product noun in Oxford Advanced Learner's Dictionary. For example, the production of a German-owned factory in the United States will be counted as part of United States' GDP. In … more Net Foreign Factor Income (NFFI) Definition GDP also guides investment decisions and economic policy that affects everyone. GDP stands for Gross Domestic Product.. GDP is the total value of the goods and services produced in a country over a specified period. Gross domestic product (GDP), total market value of the goods and services produced by a country’s economy during a specified period of time.It includes all final goods and services—that is, those that are produced by the economic agents located in that country regardless of their ownership and that are not resold in any form. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. Approaches to calculate Gross Domestic Product (GDP): Various approaches to calculate GDP are: Gross domestic product definition, gross national product excluding payments on foreign investments. Gross domestic product (GDP) measures the market value of all goods and services a country produces in a specific time frame. • GROSS DOMESTIC PRODUCT (noun) The noun GROSS DOMESTIC PRODUCT has 1 sense:. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Listen to the audio pronunciation of Gross Domestic Product on pronouncekiwi. Learn how to pronounce Gross domestic product in English with video, audio, and syllable-by-syllable spelling from the United States and the United Kingdom. The Gross domestic product is the sum of all the goods & services produced in the economy, therefore, only the development that can be defined in monetary terms are included in GDP and the factors that are quantitative in nature are only analyzed. ‘Real gross domestic product is growing at the fastest yearly pace in two decades.’ ‘You may wonder what burger sales have to do with a nation's gross domestic product.’ ‘Perhaps the most onerous of those burdens is a public debt that is 106 per cent of the annual gross domestic product.’ Dictionary entry overview: What does gross domestic product mean? Thank you for helping build the largest language community on the internet. Sign in to disable ALL ads. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. "Domestic" (in "Gross Domestic Product") indicates that the inclusion criterion is geographical: goods and services counted are those produced within the country's border, regardless of the nationality of the producer. It is one of the most comprehensive and closely watched economic statistics since it is used as a gauge of our economy’s overall size and health.. English Pronunciation of Gross domestic product. It’s used to gauge a nation’s economic growth and its people’s standard of living. Abbreviation: GDP See more. Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. Gross domestic product definition is - the gross national product excluding the value of net income earned abroad. 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