gross domestic product (GDP)

What is gross domestic product (GDP)?

gross domestic product (GDP) definition and meaning on Finance terms:
A measure of economic activity, namely the value of an economy’s total output of goods and services, less intermediate consumption, plus net taxes on products and imports, in a specified period. GDP can be broken down by output, expenditure or income components. The main expenditure aggregates that make up GDP are household final consumption, government final consumption, gross fixed capital formation, changes in inventories, and imports and exports of goods and services (including intra-euro area trade). <