Glossary · Macro · GDP and output

Gross domestic product (GDP)

The market value of all final goods and services produced inside a country in a year. Only final goods count, so the flour in a loaf of bread is not counted twice, and only current production counts, so a used car sold this year does not.

Also called: GDP, output, national income

Taught in: GDP — The Basics

Related terms

Components of GDPReal GDPNominal GDPCircular flow of income

More from gdp and output

GDP deflatorHuman Development Index (HDI)What GDP misses

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