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Gross Domestic Product

The gross domestic product (GDP) is the total value of goods and service produced by the domestic economy during a given period, usually one year. Obtained by adding the value contributed by each sector of the economy in the form of profits, compensation to employees, and depreciation (consumption of capital). Most GDP usage in this book was based on GDP at factor cost. Real GDP is the value of GDP when inflation has been taken into account.

Last Update: 2004-12-29