Gross domestic product (GDP) is the featured measure of U.S. output. It is the market value of the goods and services produced by labor and property located in the United States. The workers and the owners of the property may be either U.S. residents or residents of the rest of the world. GDP is measured as the sum of personal consumption expenditures, gross private domestic investment (including change in private inventories and before deduction of charges for CFC), net exports of goods and services (exports less imports), and government consumption expenditures and gross investment. GDP excludes intermediate purchases of goods and services by business.