Glossary:Gross domestic product (GDP)
From Statistics Explained
Gross domestic product, abbreviated as GDP, is a basic measure of a country's overall economic health.
As an aggregate measure of production, GDP is equal to the sum of the gross value added of all resident institutional units (i.e. industries) engaged in production, plus any taxes, and minus any subsidies, on products not included in the value of their outputs. Gross value added is the difference between output and intermediate consumption.
GDP is also equal to:
- the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices, minus the value of imports of goods and services;
- the sum of primary incomes distributed by resident producer units.