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Last edited 05 Apr 2022
Gross domestic product
The glossary of statistical terms, published by the Organisation for Economic Co-operation and Development (OECD), defines gross domestic product (GDP) as: ‘…an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs). The sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices, less the value of imports of goods and services, or the sum of primary incomes distributed by resident producer units.’
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