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