DefinedMeaning talk:gross domestic product (4438)
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I'm not an economist but the sentence "It is gross, since no allowance is made, for the value of replacement capital goods." is not clear to me, and seems different from the clear explanation of Wikipedia: "'Gross' means that GDP measures production regardless of the various uses to which that production can be put. Production can be used for immediate consumption, for investment in new fixed assets or inventories, or for replacing depreciated fixed assets.". I suggest to replace the definition by
- "The total output of goods and services produced by a national economy in a given period, usually a year, valued at market prices, regardless of the usage of that production (immediate consumption, investment, replacement of depreciated assets)."