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English definition of “GDP”


noun [U]     /ˌdʒiːdiːˈpiː/ ECONOMICS
abbreviation for Gross Domestic Product : the total value of goods and services produced in a country in a year : If GDP continues to shrink , the country will be in a recession . The government's goal is to reduce the deficit to 5% of GDP this year through a combination of spending cuts and tax increases . → Compare GNP
(Definition of GDP noun from the Cambridge Business English Dictionary © Cambridge University Press)
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