(Some definitions)

November 26, 2003
Issue 
563

Gross Domestic Product (GDP). The total market value of goods and services produced in the economy within a given period (usually a year) after deducting the costs of goods and services used up in the process of production.

Balance on goods and services. The difference between the value of exports and value of imports of goods and services. If imports exceed exports, the balance is in deficit.

From Green Left Weekly, November 26, 2003.
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