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Economics vocabulary · GDP and Growth

GDP

Meaning in economics, with examples

/ˌdʒiː diː ˈpiː/abbreviationCore term

In economics, GDP means: Short for gross domestic product: the total value of all final goods and services produced within a country in a given period, usually a quarter or a year.

In Turkish: GSYH, gayrisafi yurt içi hasıla

How it is used

The headline measure of the size and growth of an economy. The news reports GDP growth (quarter on quarter or year on year), GDP per capita and debt as a share of GDP. Say it letter by letter; economists also use output for the same idea.

Example sentences

  1. GDP grew by 1.2% in the second quarter compared with the previous quarter.

  2. Services now account for more than half of the country's GDP.

Common collocations

  • GDP growth
  • real GDP
  • GDP per capita
  • share of GDP
  • GDP figures
  • economic growthAn increase in the amount of goods and services an economy produces over time, usually measured as the percentage change in real GDP.
  • recessionA significant fall in economic activity lasting months, with falling output, income and jobs; often defined as two quarters in a row of shrinking GDP.
  • per capitaFor each person in a population; a total divided by the number of people, as in GDP per capita or income per capita.
  • nominalMeasured in current money values without adjusting for inflation, such as a salary or a GDP figure expressed in today's prices.
  • debt-to-GDP ratioA country's public debt divided by its annual GDP and shown as a percentage; it shows how heavy the debt is compared with the size of the economy.

More terms: GDP and Growth

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This page explains English vocabulary for learners. It is not financial advice.