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English definition of “GDP”

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 from the Cambridge Business English Dictionary © Cambridge University Press)
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