Gross domestic product

A map of world economies by size of GDP (nominal) in USD, World Bank[1][2], 2014[3]

Gross Domestic Product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

Definition

The OECD defines GDP as "an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).”[4] An IMF publication states that "GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year)."[5]

Total GDP can also be broken down into the contribution of each industry or sector of the economy.[6] The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living. GDP is considered the "world's most powerful statistical indicator of national development and progress".[7]

Other Languages
azərbaycanca: Ümumi Daxili Məhsul
беларуская (тарашкевіца)‎: Сукупны ўнутраны прадукт
davvisámegiella: Bruttoálbmotbuvttadus
客家語/Hak-kâ-ngî: Koet-nui Sên-sán Chúng-chhṳ̍t
한국어: 국내총생산
Bahasa Indonesia: Produk domestik bruto
къарачай-малкъар: Бютеулюк ич продукт
مازِرونی: جی‌دی‌پی
日本語: 国内総生産
Nordfriisk: BIP
norsk nynorsk: Bruttonasjonalprodukt
oʻzbekcha/ўзбекча: Yalpi ichki mahsulot
Plattdüütsch: Bruttobinnenlandprodukt
Simple English: Gross domestic product
srpskohrvatski / српскохрватски: Bruto domaći proizvod
татарча/tatarça: Тулаем эчке продукт
удмурт: ВВП
ئۇيغۇرچە / Uyghurche: مىللى دارامەت
vèneto: PIL