Definition of gross domestic product in English:

gross domestic product

Line breaks: gross do|mes¦tic prod|uct
(abbreviation: GDP)

noun

  • The total value of goods produced and services provided in a country during one year. Compare with gross national product.
    More example sentences
    • That failure is part of a pattern that began in 1970 when wealthy countries agreed to spend 0.7 percent of their annual gross domestic products at a special UN General Assembly development conference.
    • This is more than the combined gross domestic product of 150 nations.
    • The current rules allow an EU country to run a deficit of as much as 3 per cent of its gross domestic product.

More definitions of gross domestic product

Definition of gross domestic product in:

Get more from Oxford Dictionaries

Subscribe to remove adverts and access premium resources

Word of the day tortie
Pronunciation: ˈtɔːtiː
noun
a tortoiseshell cat