Definition of GDP / Gross Domestic Product

Definition: GDP is Gross domestic product. For a region, the GDP is "the market value of all the goods and services produced by labor and property located in" the region, usually a country. It equals GNP minus the net inflow of labor and property incomes from abroad.

A key example helps. A Japanese-owned automobile factory in the US counts in US GDP but in Japanese GNP.

Terms related to GDP / Gross Domestic Product:

• GDP Deflator
• Cyclical Unemployment
• Recession

About.Com Resources on GDP / Gross Domestic Product:

• What's the Difference Between Nominal and Real?
• Will Hurricane Katrina increase GDP?
• Recession? Depression? What's the difference?
• Will the U.S. Go Into Depression in 2009?
• How Do You Measure the Size of the Economy?

Journal Articles on GDP / Gross Domestic Product:

• Economic growth in a cross section of countries
• Green adjustments to GDP
• What is happening to China's GDP statistics?