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Economics vocabulary · GDP and Growth

Output

Meaning in economics, with examples

/ˈaʊtpʊt/nounCore term

In economics, output means: The amount of goods and services produced by a firm, an industry or a whole economy in a given period.

In Turkish: üretim, hasıla, çıktı

How it is used

Economists often use output as another word for GDP, as in total output or output growth. In company and industry news, output simply means production: factory output, oil output, car output. Output rises, falls, recovers or is cut.

Example sentences

  1. Factory output fell by 2% in March after a strong start to the year.

  2. Oil producers agreed to cut output to support prices.

Common collocations

  • total output
  • factory output
  • output growth
  • cut output
  • output per worker
  • GDPShort 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.
  • productivityHow much output is produced from a given amount of input, most often measured as output per worker or per hour worked.
  • industrial productionThe output of factories, mines and energy producers, usually reported every month as an index that shows how activity in industry is changing.
  • overheatingA situation in which demand grows faster than the economy can produce, leading to rising inflation, labour shortages and often a large current account deficit.
  • aggregate demandThe total spending on goods and services in an economy at a given price level: consumption, investment, government spending and net exports added together.

More terms: GDP and Growth

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