gross domestic product (GDP)

The value of a country's overall output of goods and services (typically during one fiscal year) at market prices, excluding net income from abroad.

Gross domestic product (GDP) can be estimated in three ways which, intheory, should yield identical figures. They are
(1) expenditure basis: how much money was spent,
(2) Output basis: how many goods and services were sold, and
(3) income basis: