gross domestic product (GDP)
The total monetary value of all finished goods and services produced within a country's borders in a specific time period.
speakingWork and economy
IELTS use
A fundamental economic term for discussing national economic performance and comparing economies.
Examples
- Gross domestic product is often used as an indicator of a country's economic health.
- A steady increase in gross domestic product suggests a growing economy.
- Critics argue that gross domestic product does not measure well-being or environmental sustainability.
Collocations
- GDP growth
- The government aims to achieve 4% GDP growth this year.
- GDP per capita
- GDP per capita is a better measure of average living standards than total GDP.
- high GDP
- Countries with high GDP often invest more in infrastructure.
- GDP figures
- The latest GDP figures show a slight contraction in the economy.
Word family
- Noun
- product
Paraphrases
- national output: A more formal alternative, focusing on production.
- economic output: General term used in both technical and everyday contexts.
- total value of goods and services: Descriptive paraphrase useful for explaining the concept.
Common mistakes
- GDP is high so people are happy. to A high GDP does not necessarily mean that people are happy.. Avoid overgeneralization; GDP is not a direct measure of happiness.
- The gross domestic product increase every year. to Gross domestic product increases every year.. Subject-verb agreement: 'product' is singular, so 'increases' is needed.
- GDP of country is growing. to The GDP of the country is growing.. Include articles 'the' before 'GDP' and 'country'.