gdp

IPA/ˌdʒiː diː ˈpiː/
KK[ɡˈidˈipˈi]IPA/ˌdʒiː diː ˈpiː/

gdp — noun

1. the short form of 'Gross Domestic Product,' which captures the combined monetary

1.nounB1
Definition

the short form of 'Gross Domestic Product,' which captures the combined monetary worth of everything a country makes, grows, and provides to its people and other nations over one year — it is the main indicator used to judge the overall health of an economy

Example

After the earthquake, Japan's GDP fell sharply before recovering the following year.

collocation: GDP fell / GDP recovered

Justin learned in his economics class that GDP does not measure unpaid work at home.

common misconception about GDP

Common collocations
  • GDP growth
  • GDP per capita
  • GDP figures
  • nominal GDP
  • real GDP
  • GDP data
  • GDP fell / rose / grew / declined
  • boost GDP
  • GDP as a share of
Synonyms
  • gross domestic product

    the full, more formal form of the same concept; used in academic and official documents

  • economic output

    a broader term that can refer to production at any level (company, industry, region), not just a whole country

  • national income

    a related but distinct measure; national income focuses on earnings (wages, profits, rents) rather than total production value

Usage Note

GDP is an acronym for 'Gross Domestic Product.' It is uncountable, so it is never used in the plural (not 'GDPs'). The full form 'gross domestic product' is more common in formal writing; 'GDP' is preferred in news, business, and everyday economic discussion.

Common Mistakes

The GDP of several countries fell last quarter.
GDP fell in several countries last quarter.
GDP is uncountable and takes a singular verb.
GDPs are rising across the region.
GDP is rising across the region.
GDP should not be pluralised.

Word family

  • gross domestic product
    noun phraseB1

Synonym discussion

Sense: noun/1

GDP (Gross Domestic Product) measures the total value of goods and services produced within a country's borders. GNP (Gross National Product) is broader — it also includes income earned by residents abroad while excluding foreign earnings sent out of the country. 'National income' looks at earnings (wages, rent, profit) rather than total production. 'Economic output' is a general term usable for any scale, from a factory to a region. When reading news, 'GDP growth' is the most common phrase; in policy documents you are more likely to see 'gross domestic product' in full. For example: 'The central bank forecasts 3% GDP growth this year.' vs. 'The report examined national income trends over two decades.'

GDP ↗gross domestic producteconomic outputnational incomeGNP ↗

Common collocations

Nouns

Adverbs

Phrases

  • GDP per capita
  • real GDP
  • nominal GDP
  • GDP growth rate

Prepositions

  • as a share of
  • per

Etymology

Old FrenchLatinEnglish

GDP is an initialism formed from 'Gross Domestic Product.' 'Gross' (from Old French 'gros,' meaning 'large' or 'total') indicates the figure is before any deductions. 'Domestic' (from Latin 'domesticus,' 'relating to the household') refers to production within the country's borders. 'Product' (from Latin 'productum,' 'something produced') refers to the goods and services created. The abbreviation gained widespread use in the mid-20th century as governments adopted national income accounting to manage their economies after the Great Depression and World War II.