Gross domestic product

Gross domestic product (GDP) is the value of the output of all goods and services produced within a country.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Gross domestic product (GDP). The value of the output of all goods and services produced within a country.

According to Macroeconomics by Mankiw (7th edition),

Gross domestic product (GDP). The total income earned domestically, including the income earned by foreign-owned factors of production; the total expenditure on domestically produced goods and services.