GDP

UK: ˌdʒiː.diːˈpiː | US: ˌdʒiː.diːˈpiː

Definition

  1. n. Gross Domestic Product; the total monetary value of all goods and services produced within a country’s borders in a specific time period.

Structure
G <gross>D <domestic>P <product>
Etymology

GDP is an acronym formed from the initial letters of "Gross Domestic Product." Each component reflects its economic meaning:

  • "Gross" (from Old French gros <large>) emphasizes totality without deductions.
  • "Domestic" (from Latin domesticus <household>) narrows the scope to a nation’s internal output.
  • "Product" (from Latin productum <thing produced>) refers to economic output.
    The term emerged in the mid-20th century as a key metric for national economies.
Examples

  1. The country's GDP grew by 3% last year.

  2. Economists use GDP to measure economic health.

  3. A decline in GDP may signal a recession.

  4. The report compares the GDP of developed and developing nations.

  5. Sustainable policies aim to balance GDP growth with environmental protection.