Routledge Dictionary of Economics, Second Edition
gross domestic product (E0)
The total output of goods and services produced within a given country in a particular time period.
It is equal to the sum of the VALUE ADDED by each industry, net of all inputs, including imported INTERMEDIATE GOODS: this is equal to the FACTOR INCOMES of all persons engaged in domestic production. Gross domestic product together with net property income from abroad constitute gross national product.
See also: national income
This is the complete article, containing 72 words
(approx. 1 page at 300 words per page).
View More Summaries on Gross domestic product
