Definition: The term "GDP" is short-hand for the Gross Domestic Product. This is the total value of all of a country's goods and services that were produced in a year. Technically, to get a true value of the GDP, the payments on foreign investments is subtracted out from the total value, but this is usually relatively small.
The GDP is used to put a number to the size of the economy.
Also Known As: Gross Domestic Product
Examples: The U.S. GDP is the largest in the entire world.
