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Definition of GDP / Gross Domestic Product

From Econterms, for About.com

Definition: GDP is Gross domestic product. For a region, the GDP is "the market value of all the goods and services producted 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. (Econterms)

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