Gross domestic product

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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.

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