Domestic product

Updated: Aug 20, 2021

The value of the total product of enterprises operating in a country, regardless of their ownership. This is contrasted with national product, which is the product of enterprises owned by residents, regardless of where they operate. To get from domestic to national product it is necessary to add the profits of enterprises owned by residents but operating abroad, and to subtract the profits of enterprises operating in the country but owned by non-residents.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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