Skip navigation

Economic Calendar Terms

US GDP advance Q2

US Department of Commerce
1401 Constitution Avenue
NW, Washington, DC 20230
202–482-2000

Gross National Product and Gross Domestic Product is the total value of the finished goods and services produced in the economy. It is not a precise measure of national economic well-being but expressed in volume (adjusted for inflation) it is the closest single number we have got to such a measure. It is the sum of final expenditures; Export of goods and services, Imports of goods and services, Private Consumption, Government Consumption, Gross Fixed Capital Formation and Increases/Decreases(-) in stocks.Gross domestic product (GDP), the featured measure of U.S. output, is the market value of the goods and services produced by labor and property located in the United States. Gross national product (GNP) is the market value of the goods and services produced by labor and property supplied by U.S. residents. Because the labor and property are supplied by U.S. residents, they may be located either in the United States or abroad. The difference between GDP and GNP is net receipts of factor income from the rest of the world. These net receipts represent income from the goods and services produced abroad using the labor and property supplied by U.S. residents less payments to the rest of the world for the goods and services produced in the United States using the labor and property supplied by foreign residents.