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gross domestic product |
Also found in: Financial, Wikipedia, Hutchinson | 0.01 sec. |
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gross domestic product: see gross national product gross domestic product plus income earned by domestic residents through foreign investments minus the income earned by foreign investors in the domestic market. Gross domestic product, often confused with GNP, is calculated from the total value of goods and services produced in an ..... Click the link for more information. . gross domestic product (GDP)Total market value of the goods and services produced by a nation's economy during a specific period of time. GDP is customarily reported on an annual basis. It is defined to include all final goods and services—that is, those that are produced by the economic resources located in that nation regardless of their ownership and are not resold in any form. GDP differs from gross national product (GNP), which is defined to include all final goods and services produced by resources owned by that nation's residents, whether located in the nation or elsewhere. gross domestic product the total value of all goods and services produced domestically by a nation during a year. It is equivalent to gross national product minus net investment incomes from foreign nations How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Indeed, McKinsey Global Institute's studies of countries around the world show that gaps between productivity levels in their large, employment-intensive local service sectors, such as retail and construction, explain a substantial amount of the gaps between their respective GDP per head figures. A superficial introductory section tabulates countries by, for instance, GDP per head, and an obscure measure of 'environmental sustainability'. Indonesia, with one of the world's largest and most ethnically diverse populations, and among the world's lowest levels of GDP per head and proportion of GDP spent on education, is located closest to Australia and arguably is Australia's most important responsibility in educational aid. |
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