Gross Domestic Product at Market Price

The total money value of all final goods and services produced by all the producers within the domestic territory of a country during one year is called gross domestic product at market price. Producers may be resident producers or non-resident producers. But they must operate within the domestic territory of the reporting country.

Definition

According to Derribung, “Gross Domestic Product at market price is defined as the market value of output of final goods and services produced in the domestic territory of a country by all the producers during an accounting year.”

The value of gross domestic product can be calculated by multiplying the total quality of final goods with their price.

GDP= P × Q

Where GDP = Gross Domestic Product

P     = Market Domestic Product

Q     = Quantity of final goods & services produced during the accounting year.