Gross domestic product (GDP)

The market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced gross national product (GNP) as the primary measure of U.S. production in 1991.

The total value of all the goods and services produced within a country's borders is described as its gross domestic product.

When that figure is adjusted for inflation, it is called the real gross domestic product, and it's generally used to measure the growth of the country's economy.

In the United States, the GDP is calculated and released quarterly by the Department of Commerce.