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Concept information

business > accounting > bookkeeping > national accounting > gross domestic product

Preferred term

gross domestic product  

Definition

  • The total output of goods and services produced by a national economy in a given period, usually a year, valued at market prices. It is gross, since no allowance is made, for the value of replacement capital goods.

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URI

http://www.eionet.europa.eu/gemet/concept/11050

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