Gross Domestic Product

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  • The total value of all the goods and services produced within a nation for a given period of time. Gross domestic product (GDP) is an eco nomic indicator of the overall performance and income of an economy. GDP per capita (per head) is normally used for comparative analysis. The GDP of the United States is computed on a quarterly basis by the Bureau of Economic Analysis.

    The income and expenditure approaches are the two main methods used to calculate GDP. The income approach calculates the total income of everyone in the economy, and the expenditure approach computes the total expenditure on an economy's output of goods and services. The income approach computes compensation of employees, proprietors' income, rental income corpo rate profits, capital consumption allowance, indirect ...

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