gross domestic product

Definition

A measure of the economic production of a particular territory in financial capital terms over a specific time period.

Example Sentences

• "Economics is a messy discipline: too fluid to be a science, too rigorous to be an art. Perhaps it is fitting that economists’ most-used metric, gross domestic product (GDP), is a tangle too. GDP measures the total value of output in an economic territory. Its apparent simplicity explains why it is scrutinised down to tenths of a percentage point every month."