Definition
Value of the total production of goods and services in the economy, excluding intermediate consumption and including net taxes on production and imports.
Further information
Gross domestic product (GDP) can be disaggregated by product, expenditure, and income. The main expenditure aggregates that make up GDP are household final consumption, government final consumption, gross fixed capital formation, changes in inventories, imports, and exports of goods and services.
GDP is estimated within the framework of National Accounts and is presented in terms of current prices and volume indices (which discount the effect of prices).
Related concepts
Update date: January 2025
