gross domestic product

[grohs duh-mes-tik prod-uhkt]

noun

1. gross national product excluding payments on foreign investments. GDP

gross domestic product

noun

1. GDP. the total value of all goods and services produced domestically by a nation during a year. It is equivalent to gross national product minus net investment incomes from foreign nations

gross domestic product

1. The monetary value of all of a nation's goods and services produced within a nation's borders and within a particular period of time, such as a year. It became the official measure of the U.S. economy in 1991. It replaced “gross national product,” which covered all goods and services produced by U.S. residents regardless of where they were working.

Example Sentences

Overall, economists are warning that U.S. gross domestic product could grow less than 2% this year, its worst performance since the height of the pandemic.

From Los Angeles Times

A June report from the Bay Area Council Economic Institute found that, based on their wage contributions to the economy alone, undocumented workers generate nearly 5% of California’s gross domestic product.

From Los Angeles Times

Oil and gas made up about 6% of California’s gross domestic product last year, according to the American Petroleum Institute.

From Los Angeles Times

But those have flattened out as a percentage of gross domestic product since 2010, when the enactment of the Affordable Care Act brought better access to medical care to millions of Americans.

From Los Angeles Times

Undocumented workers generated nearly 5% of California’s gross domestic product — the monetary value of final goods and services — and contributed more than $23 billion annually in local, state and federal taxes, the report said.

From Los Angeles Times