May 22, 2013
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Description
Gross national product is the market value of all the products and services produced in one year by labour and property supplied by the residents of a country. Unlike Gross Domestic Product, which defines production based on the geographical location of production, GNP allocates production based on ownership.
GNP does not distinguish between qualitative improvements in the state of the technical arts, and quantitative increases in goods, and considers both to be forms of "economic growth".
Basically, GNP is the total value of all final goods and services produced within a nation in a particular year, plus income earned by its citizens, minus income of non-residents located in that country. GNP measures the value of goods and services that the country's citizens produced regardless of their location. GNP is one measure of the economic condition of a country, under the assumption that a higher GNP leads to a higher quality of living, all other things being equal.
(via Freebase)
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