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:
“Hunger is never delicate; they who are seldom gorged to the full with praise may be safely fed with gross compliments, for the appetite must be satisfied before it is disgusted.”
—Samuel Johnson (1709–1784)
“As our domestic fowls are said to have their original in the wild pheasant of India, so our domestic thoughts have their prototypes in the thoughts of her philosophers.”
—Henry David Thoreau (1817–1862)
“The site of the true bottomless financial pit is the toy store. It’s amazing how much a few pieces of plastic and paper will sell for if the purchasers are parents or grandparent, especially when the manufacturers claim their product improves a child’s intellectual or physical development.”
—Lawrence Kutner (20th century)