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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.
An estimate of the total value of goods and services produced in a country, GDP aims to best capture the true monetary value of our economy.It is defined by the ONS as the sum total of the final output an economy produces..or example, headline GDP numbers are often quoted as indicating whether a country is growing and by how much. But should our total output increase at the same rate as our population, there is likely to be no resultant rise in our material well-being. This is exactly what seems to have happened in the UK.