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What is 'Gross Domestic Product - GDP'. Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.
DEFINITION of 'GDP Price Deflator'. An economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP.The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level.Also known as the GDP implicit price deflator..Next Up.n economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level. Also known as the GDP implicit price deflator.. Next Up.