Term of the Day gross domestic product (GDP) The value of a country's overall output of goods and services (typically during one fiscal year) at market prices, excluding net income from abroad. GrossDomestic Product (GDP) can be estimated in three ways which, in theory, should yield identical figures. They are (1) Expenditure basis: how much moneywas spent, (2) Output basis: how many goods and services were sold, and (3)Income basis: how much income (profit) was earned. These estimates, published quarterly, are constantly revised to approach greater accuracy. The most closely watched data is the period to period change in output andconsumption, in real (inflation adjusted) terms. If indirect taxes are deducted from the market prices and subsidies are added, it is called GDP at ... Learn more about this term Usage Example Most industrialized countries tend to have a higher gross domestic product (GDP) than less developed countries, because the industrialized countries produce more goods and services within their country.

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