Definition of GDP / Gross Domestic Product

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GDP is Gross Domestic Product. For a region, the GDP is "the market value of all the goods and services produced by labor and property located in" the region, usually a country. It equals GNP minus the net inflow of labor and property incomes from abroad.

A key example helps. A Japanese-owned automobile factory in the US counts in US GDP but in Japanese GNP.

Terms related to GDP / Gross Domestic Product:

  • GDP Deflator
  • Cyclical Unemployment
  • Recession

Resources on GDP / Gross Domestic Product:

Journal Articles on GDP / Gross Domestic Product:

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Econterms. "Definition of GDP / Gross Domestic Product." ThoughtCo, Mar. 28, 2017, thoughtco.com/gdp-or-gross-domestic-product-definition-1146102. Econterms. (2017, March 28). Definition of GDP / Gross Domestic Product. Retrieved from https://www.thoughtco.com/gdp-or-gross-domestic-product-definition-1146102 Econterms. "Definition of GDP / Gross Domestic Product." ThoughtCo. https://www.thoughtco.com/gdp-or-gross-domestic-product-definition-1146102 (accessed November 25, 2017).