gross domestic product
Noun
Meaning
the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year)
Source: WordNetSynonyms
Hypernyms
Examples
Economics was like psychology, a pseudoscience trying to hide that fact with intense theoretical hyperelaboration. And gross domestic product was one of those unfortunate measurement concepts, like inches or the British thermal unit, that ought to have been retired long before.
We have spoken on many occasions of the need to achieve high economic growth as an absolute priority for our country. The annual address for 2003 set for the first time the goal of doubling gross domestic product within a decade.
Last quarter, it was just announced our gross domestic product - a sign of strength, right? But not for us. It was below zero. Whoever heard of this? It's never below zero.
Housing has led our nation's economic expansion over the past few years, accounting for 16 percent of our Gross Domestic Product. New housing starts and home sales hit record levels from 2003 through 2005.
The price of imported oil in the US doubled between summer 2003 and summer 2005, reducing consumers' purchasing power by more than 1 per cent of gross domestic product.
At present we are stealing the future, selling it in the present, and calling it gross domestic product.