gross domestic product
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gross domestic product
The total value of all goods and services produced within the borders of a country's economy during a specific period, usually one year. It is a central measure of a country's economic performance.
Das Bruttoinlandsprodukt Deutschlands ist im letzten Quartal leicht gewachsen.
Germany's gross domestic product grew slightly in the last quarter.
The word is made up of three parts: 'Brutto' (Italian for 'raw', meaning before deductions), 'Inland' (within a country), and 'Produkt' (product). So it literally describes the total value of all products produced domestically.
Die Berechnung des Bruttoinlandsprodukts ist sehr komplex.
Calculating gross domestic product is very complex.
In the news, in newspapers, and in specialist literature, the abbreviation 'BIP' is almost always used. When you read this abbreviation, it always refers to 'Bruttoinlandsprodukt' (gross domestic product).
Die Regierung hofft auf ein Wachstum des BIP von zwei Prozent.
The government is hoping for GDP growth of two percent.
'Bruttoinlandsprodukt' (gross domestic product) is often combined with verbs that describe a change. Typical are: 'das BIP wächst/steigt' (GDP grows/rises) for a positive development and 'das BIP sinkt/schrumpft' (GDP falls/shrinks) for a negative development.
Wegen der Krise ist das Bruttoinlandsprodukt im letzten Jahr geschrumpft.
Because of the crisis, gross domestic product shrank last year.
value creation
'die Wertschöpfung' (value creation) and 'das Bruttoinlandsprodukt' (gross domestic product) both belong to economics and have to do with the value of goods and services. 'Wertschöpfung' describes more how new value is created in a company or in a production step. 'Das Bruttoinlandsprodukt', by contrast, is a large figure for an entire country: it shows the value of all goods and services produced in the country during a specific period. The words can be confused because both measure economic value. As a practical rule: for a company or a process, 'Wertschöpfung' is more likely to fit; for a country's economy, 'Bruttoinlandsprodukt' is more likely to fit.
Das Bruttoinlandsprodukt ist im letzten Jahr nur leicht gewachsen.
Gross domestic product grew only slightly last year.
Durch die eigene Produktion im Betrieb steigt die Wertschöpfung deutlich.
By producing in-house, the company's value creation increases significantly.