gross domestic product 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
gross national product Gross domestic product adjusted for foreign transactions, i.e. to the figure for Gross Domestic Product must be added any income accruing to residents of the country arising from investment and other factor earnings abroad and from it must be deducted any income earned in the domestic market by factors owned by foreigners abroad
