Collins
World English Dictionary
gross domestic product
 
n
GDP the total value of all goods and services produced domestically by a nation during a year. It is equivalent to gross national product minus net investment incomes from foreign nations

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American Heritage
Cultural Dictionary
gross domestic product (GDP)

The monetary value of all of a nation's goods and services produced within a nation's borders and within a particular period of time, such as a year. It became the official measure of the U.S. economy in 1991. It replaced “gross national product,” which covered all goods and services produced by U.S. residents regardless of where they were working.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
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Example sentences
The shortcoming is in the way imports are accounted for in measures of gross domestic product and worker productivity.
In the last three decades, gross domestic product doubled but the typical worker's real wages barely increased.
Gross domestic product is of course an imperfect measure of improving living standards, primarily because it is incomplete.
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