Gross Domestic Product (GDP)

Gross Domestic Product- GDP: The total value of new goods and services produced in a given year within the borders of a country, regardless of by whom. It is “gross” in the sense that it does not, in contrast to NDP, deduct depreciation of previously produced capital.

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Related Terms:

Gross National Product GNP

(Source: Deardorffs’ Glossary of International Economics)