Money & budgets
gross domestic product
The total value of goods and services produced in the country in a period. The standard yardstick for the size of the economy, and the denominator for debt comparisons.
In full
GDP measures output, not wellbeing: it counts spending on disaster cleanup and omits unpaid household work. It is reported quarterly and revised repeatedly as data arrive. Budget figures are usually stated as a share of GDP so that comparisons across decades are meaningful.
Also written as: GDP
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