GAO Glossary of Terms and Definitions (September 2005)

GDP (Gross Domestic Product)

 (Economics Term)

The value of all final goods and services produced within the borders of a country such as the United States in a given period, whether produced by residents or nonresidents. The components of GDP are personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. That value is conceptually equal to the sum of incomes generated within the borders of the country in the same time period. (See also GNP; National Income and Product Accounts.)

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