What is the definition of the GDP?
According to the World Bank, gross domestic product (GDP) is defined as the measure of the total output of goods and services for final use occurring within the domestic territory of a given country, regardless of the allocation to domestic and foreign claims. Gross domestic product at purchaser values (market prices) is the sum of gross value added by all resident and non-resident producers in the economy plus any taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. National currency GDP is converted into U.S. dollars at the relevant year’s conversion rate. (Note: The definition is reproduced from the Technical Notes on Country At a Glance data interface of the World Bank.
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