View source for 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 good|final]]'' goods and service produced within the country's [[domestic territory]] within that accounting period.

There are three approaches to computing GDP: the production approach, the income approach, and the expenditure approach.

==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.