gross domestic product: meaning, definition, pronunciation and examples
C1Formal, Academic, Journalistic, Technical (Economics)
Quick answer
What does “gross domestic product” mean?
The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period (usually annually or quarterly).
Audio
Pronunciation
Definition
Meaning and Definition
The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period (usually annually or quarterly).
A primary macroeconomic indicator used to measure the size and health of a nation's economy, serving as a broad gauge of overall economic output and activity.
Dialectal Variation
British vs American Usage
Differences
No significant lexical differences. Both use the full term and the acronym 'GDP' identically.
Connotations
Identical technical and socio-political connotations in both varieties.
Frequency
The acronym 'GDP' is used with near-equal high frequency in both British and American English in formal and media contexts.
Grammar
How to Use “gross domestic product” in a Sentence
The GDP of [COUNTRY] + VERB (grew/fell)[COUNTRY]'s GDP + VERBGDP + MODIFIER (growth/figures/data)A GDP of [VALUE]Vocabulary
Collocations
Examples
Examples of “gross domestic product” in a Sentence
verb
British English
- The economy is projected to GDP-grow by 2% this year. (informal, rare)
American English
- The new policy aims to GDP-boost through infrastructure spending. (informal, rare)
adverb
British English
- The economy performed GDP-wise better than forecast. (highly informal)
American English
- GDP-speaking, we're in a recovery. (highly informal)
adjective
British English
- The GDP figures were revised upwards.
- We need a strong GDP performance.
American English
- The GDP data came in below expectations.
- A positive GDP report lifted the markets.
Usage
Meaning in Context
Business
"Investors are closely watching the latest GDP figures to gauge market direction."
Academic
"The study employs a multivariate regression model to analyse the determinants of long-term GDP growth."
Everyday
"I heard on the news that the country's GDP went up last quarter."
Technical
"Chain-weighted real GDP controls for price changes by using a rolling average of price weights."
Vocabulary
Synonyms of “gross domestic product”
Strong
Neutral
Weak
Vocabulary
Antonyms of “gross domestic product”
Watch out
Common Mistakes When Using “gross domestic product”
- Using 'GDP' as a countable plural without an article (e.g., 'GDPs are rising' is less common; prefer 'The GDP of several countries...').
- Confusing 'GDP' with 'GNP' (which includes income from abroad).
- Saying 'the GDP' when using it as an acronym before a noun (e.g., 'GDP growth' not 'the GDP growth').
FAQ
Frequently Asked Questions
GDP measures production within a country's borders, regardless of who produces it. GNP (Gross National Product) measures production by a country's residents and companies, regardless of where in the world it occurs.
Real GDP is GDP adjusted for inflation. It reflects the true growth in the volume of production, stripping out the effect of rising prices, and is the key measure for comparing economic output over time.
"GDP per capita" is the total GDP divided by the population. It gives an approximate measure of average economic output or income per person, useful for comparing living standards between countries of different sizes.
GDP does not account for income distribution, non-market activities (e.g., volunteer work, household labour), environmental degradation, resource depletion, or broader measures of well-being and quality of life.
The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period (usually annually or quarterly).
Gross domestic product is usually formal, academic, journalistic, technical (economics) in register.
Gross domestic product: in British English it is pronounced /ˌɡrəʊs dəˌmestɪk ˈprɒdʌkt/, and in American English it is pronounced /ˌɡroʊs dəˌmestɪk ˈprɑːdəkt/. Tap the audio buttons above to hear it.
Phrases
Idioms & Phrases
- “The GDP is the scorecard for a country's economy.”
Learning
Memory Aids
Mnemonic
Think of a country as a huge domestic (home) factory. GDP is the Gross (total) value of all the Products it makes.
Conceptual Metaphor
ECONOMIC HEALTH IS PHYSICAL SIZE/STRENGTH (a growing/shrinking GDP).
Practice
Quiz
What does the 'domestic' in Gross Domestic Product specifically refer to?