Gross domestic product

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Gross domestic product (or GDP) refers to the total dollar value of a nation's output, income, or expenditure produced within its physical boundaries regardless of by whom.[1] It is "gross" in the sense that it does not deduct depreciation of previously produced capital, in contrast to Net Domestic Product.

Notes

  1. Glossary of Economic Terms (English) (HTML). International Information Programs (USINFO - The United States Department of State). Retrieved on 2007-08-21. “The total value of a nation's output, income, or expenditure produced within its physical boundaries.”