gdp

Everyday

1. (money) GDP stands for gross domestic product: the total value of all the goods and services a country makes in one year. tree →
2. GDP is often used to compare how big or rich countries' economies are. tree →

In the lessons

In money and economics lessons, GDP is a number that shows the size of a country's economy. GDP per person (per capita) is the GDP divided by the number of people, which gives a rough idea of how well-off people are on average. In the news, «GDP grew by 2%» means the economy made 2% more than the year before. Phrases: GDP growth, GDP per capita, a fall in GDP.

Examples

• The USA has the largest GDP in the world. tree →
• GDP measures everything a country makes and sells in a year. tree →
• If GDP goes down for six months, people talk about a recession. tree →
• To find GDP per person, divide the GDP by the population. tree →
• The news said GDP grew by 1 percent this year. tree →
• A country with a small GDP can still have happy people. tree →
• Tourism adds a lot to New Zealand's GDP. tree →

Note

It is an abbreviation, so it is written in capital letters: GDP. Say each letter: «G-D-P». In maths problems, GDP per person = total GDP ÷ number of people. GDP does not measure happiness, fairness or unpaid work like caring at home.