Gross domestic product (GDP) is one of the most comprehensive and closely watched economic statistics. It measures the size and composition of the U.S. economy based on the market value of all final goods and services produced during a year by resources that are located in the United States. This definition includes the output of foreign-owned factories located in the United States and excludes the output of factories located in other countries and owned by U.S. businesses. To avoid double-counting, GDP includes the value of final goods and services, like coats, but excludes the value of intermediate products, like the dyes, fabric, buttons, and zippers that are used to manufacture coats. Annual estimates of GDP for states and the nation are produced by the U.S. Department of Commerce, Bureau of Economic Analysis. Since 1997, industrial sectors used in the GDP have been defined by the North American Industrial Classification System (NAICS). For older data, industrial sectors were defined by the Standard Industrial Classification (SIC). Data are published in both real (adjusted for inflation) and current (not adjusted) dollars.
Gross Domestic Product