Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living; GDP per capita is not a measure of personal income (See Standard of living and GDP). Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita (See Gross domestic income).
GDP is related to national accounts, a subject in macroeconomics. GDP is not to be confused with gross national product (GNP) which allocates production based on ownership.
Read more about Gross Domestic Product: History, Determining GDP, GDP Vs GNP, Nominal GDP and Adjustments To GDP, Cross-border Comparison and PPP, Per Unit GDP, Standard of Living and GDP, Externalities, Limitations and Criticisms, Lists of Countries By Their GDP, List of Newer Approaches To The Measurement of (economic) Progress
Famous quotes containing the words gross, domestic and/or product:
“The gross band of the unfaithful.”
—William Shakespeare (1564–1616)
“Some marriages depend on domestic arguments the way the courts depend on litigation.”
—Mason Cooley (b. 1927)
“A gentleman opposed to their enfranchisement once said to me, “Women have never produced anything of any value to the world.” I told him the chief product of the women had been the men, and left it to him to decide whether the product was of any value.”
—Anna Howard Shaw (1847–1919)