Difference between revisions of "Gross domestic product"
(Created page with "==Definition== The term '''gross domestic product''' ('''GDP''') is used in the context of: * A specific country with a clearly defined domestic territory * A specific a...")
Revision as of 18:41, 22 February 2014
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.