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The accuracy analysis of Global Positioning System (GPS) carrier phase observable measured by a digital GPS receiver is presented. A digital phase-locked loop (DPLL) is modeled to extract the carrier phase of the received signal after a pseudorandom noise (PRN) code synchronization system despreads the received PRN coded signal. Based on phase noise characteristics of the input signal, the following performance of the first, second, and third-order DPLLs is analyzed mathematically: (1) loop stability and transient process; (2) steady-state probability density function (pdf), mean and variance of phase tracking error; (3) carrier phase acquisition performance; and (4) mean time to the first cycle-slipping. The theoretical analysis is verified by Monte Carlo computer simulations. The analysis of the dependency of the phase input noise and receiver design parameters provides with an important reference in designing the carrier phase synchronization system for high accuracy GPS positioning.