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Gross national product is also written as GNP as its abbreviation. The experts define GNP as the estimation of final goods and services that is changed within the given period. Gross National Product is generally measured by the sum of private domestic investment, personal consumption expenditures, net exports, government expenditure, and other income received by people from foreign investments. It is subtracted from the total income earned by the domestic economy by overseas residents.
Gross National Product is somehow concerned with another vital economic measure called gross domestic product (GDP), an accountant for the entire output formed within the country. Remember that GNP starts with GDP. It sums the residents' investment income earned from overseas investments; after this, it is subtracted from the total foreign investment income earned by people of a country.
Some key points –
Gross National Product and Gross Domestic Product are relatively close to associated concepts. The key and significant differences between them are that companies are owned by foreign peoples that yield goods and services in the country, and firms owned by native residents manufacture goods for the world.
Measuring GDP and GNP generally manufacture results as total output. For instance, in the year 2019, U.S. GDP was recorded as $21.75 trillion, whereas its GNP was $22.03 trillion.
GNP and GDP Examples
Here is a quick look at the GNP and GDP numbers for a particular country in the past two years. As you can see in the figure, a minimal difference is noticed between GNP and GDP figures. Lets' understand this with a diagram that compared US GDP and GNP with other countries.
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