Gross Domestic Product by Expenditure Approach

Gross domestic product (GDP) is the total unduplicated value of the goods and services produced in the economic territory of a country or region during a given period.

GDP can be measured in three ways. The production approach, the income approach and the expenditure approach.

The expenditure approach consists of summing the expenditures on those ultimate, or final, purchases of the goods and services produced in a given period. This includes expenditures by households on goods and services, expenditures by governments on goods and services, expenditures by non-profit institutions serving households on goods and services; business, household, government and non-profit institutions serving households investment (including investment in inventories); and exports less imports.

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