Statistics Explained

Glossary:Gross domestic product (GDP)

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Gross domestic product, abbreviated as GDP, is a basic measure of the overall size of a country's economy.

As an aggregate measure of production, GDP is equal to the sum of the gross value added of all resident institutional units engaged in production, plus any taxes on products and minus any subsidies on products. Gross value added is the difference between output and intermediate consumption.

GDP is also equal to:

  • the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices, minus the value of imports of goods and services;
  • the sum of primary incomes distributed by resident producer units.

GDP is one of the main indicators of the European system of national and regional accounts (ESA 2010)

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