Gross domestic product

Definition

The term gross domestic product (GDP) is used in the context of:

• A specific country with a clearly defined domestic territory
• A specific accounting period (typically, a year, which may or may not coincide with a calendar year)

The GDP of a country in an accounting period is defined as the total market value of all officially recognized final goods and service produced within the country's domestic territory within that accounting period.

Related notions

• Gross national product (GNP) is similar to GDP, but it uses ownership rather than geographic location to compute the amount produced.
• Net domestic product (NDP) is similar to GDP, but adjusts for depreciation.
• Net national product (NNP) is similar to GNP but accounts for depreciation.