Gross Domestic Product. Per capita gross domestic product (GDP) is a metric that breaks down a country's economic output per person and is calculated by dividing the GDP of a country by its population. The broadest measure of the economic development of a country is the Gross National Product (GNP). GDP is a comprehensive measure of the U.S. economy and its growth. The United States' GDP is also watched around the world as an economic barometer. The percentage that GDP grew (or shrank) from one period to another is an important way for Americans to gauge how their economy is doing. GDP by Industry. GDP by State with Industry Detail. •Measured by changes in gross domestic product (GDP) , NBER measures the length of economic cycles from trough to trough, or peak to peak. The change was 0.3 percentage point higher than the “second” estimate released in November. • According to the NBER, there have been 11 business cycles from 1945 to 2009, with the average length of a cycle lasting about 69 months, or a little less than six years. It is also used to compare the size of different economies at a different point in time. Gross domestic product (GDP) is a good measure of social welfare since it includes the value of leisure time False Real gross domestic product (GDP) is measured in terms of the _____ For seven decades, gross domestic product has been the global elite’s go-to number. Real gross domestic product (GDP) increased at an annual rate of 33.4 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. Gross domestic product (GDP) is the sum (measured in pounds) of the value of goods and services produced in the economy. GDP is the signature piece of BEA's National Income and Product … Measures industries' performance and their contributions to GDP. gross domestic product (GDP), total market value of the goods and services produced by a country’s economy during a specified period of time. State counterpart of national GDP, including industries' contributions to each state economy. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. The term “Domestic” used in Gross Domestic Product indicates that it measures production that takes place within the country’s border. The value of the goods and services produced in the United States is the gross domestic product. source data that are necessarily imperfect and incomplete. Gross domestic product or GDP is a measure of the size and health of a country’s economy over a period of time (usually one quarter or one year). The total output of the economy can be measured in two distinct ways—Gross Domestic Product (GDP), which adds consumption, investment, government spending, and net exports; and Gross Domestic Income (GDI), which adds labor compensation, business profits, and other sources of income. Fast growth, as measured by GDP, has been considered a mark of success in its own right, rather than as a means to an end, no matter how the fruits of that growth are invested or shared. It includes all final goods and services—that is, those that are produced by the economic agents located in that country regardless of their ownership and that are not resold in any form. GDP or Gross Domestic Product is an indicator to measure the economic production and growth of a country. Gross Domestic Product.