gross domestic product

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One of the main measures of economic activity. The GDP of a country is defined as the total market value of all final goods and services produced within a country in a given period of time (usually a calendar year). ‘Gross’ indicates that it is calculated without subtracting any allowance for capital consumption; ‘domestic’ that it measures activities located in the country regardless of their ownership. It thus includes activities carried out in the country by foreign-owned companies, and excludes activities of firms owned by residents but carried out abroad. ‘Product’ indicates that it measures real output produced rather than output absorbed by residents. GDP is reported at both current and constant prices.

Subjects: Economics.

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