GDP
UK[ˌdʒiː.diːˈpiː]US[ˌdʒiː.diːˈpiː]
n
the total value of all the goods and services produced by a country in a specific period, used as a measure of its economic size and health
Etymology
GDP is an initialism, not a word formed from classical morphemes. It stands for "Gross Domestic Product." The term "gross" originates from the Latin 'grossus,' meaning thick or coarse, evolving in Late Latin to signify a large whole before deductions. "Domestic" comes from the Latin 'domesticus,' meaning 'belonging to the house,' from 'domus' (house). "Product" derives from the Latin 'productus,' the past participle of 'producere,' meaning to bring forth or lead forward. The concept was formalized in the 20th century by economist Simon Kuznets as a standardized measure for national income accounting, condensing these three words into a ubiquitous acronym for economic output.
Analysis
N/A
Examples
The country's GDP grew by 3% last quarter.
Economists are predicting a fall in GDP due to the recession.
Comparing the GDP of different nations can be misleading without considering population size.