Gross Domestic Product
From Open Risk Manual
Definition
Gross Domestic Product (GDP). An economic indicator representing the broadest measure of aggregate economic activity, measuring the total unduplicated market value of all final goods and services produced within a statistical area in a period.
The market value of the flow of all final goods and services produced within a country in a given year.
GDP represents a valuation expressed in terms of the prices actually paid by the purchaser after all applicable taxes and subsidies.
The market value of the goods and services produced by labor and property located within the borders of the United States. In 1991, GDP replaced gross national product (GNP) as the featured measure of U.S. production.[1]
See Also
- BEA's Handbook of Methods for GDP and related national accounts, available at [1]
- US Treasury
- Wikipedia
References
- ↑ Concepts and Methods of the US Input-Output Accounts. K.J.Horowitz, M.A.Planting, 2009
