PDSnet Glossary

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Definition

The GDP of a country is defined as the market value of all final goods and services produced within a country in a given period of time. It is also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time. Until the 1980s the term GNP or gross national product was used. The two terms GDP and GNP are almost identical. The most common approach to measuring and understanding GDP is the expenditure method: GDP = consumption + investment + government spending + (exports - imports). The medium term budget policy statement delivered to parliament on 1st November 2023 projected South Africa's GDP in 2023 at R6,947bn. (<a href="https://www.treasury.gov.za/documents/mtbps/2023/mtbps/FullMTBPS.pdf">https://www.treasury.gov.za/documents/mtbps/2023/mtbps/FullMTBPS.pdf</a>)

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