GDP and GNP
Gross domestic product (GDP) is defined as "the value of all final goods and services produced in a country in 1 year".
Gross National Product (GNP) is defined as "the market value of all goods and services produced in one year by labour and property supplied by the residents of a country."
As an example, the table below shows some GDP and GNP, and NNI data for the United States:
| Period Ending | 2003 |
|---|---|
| Gross national product | 11,063.3 |
| Net U.S. income receipts from rest of the world | 55.2 |
| U.S. income receipts | 329.1 |
| U.S. income payments | -273.9 |
| Gross domestic product | 11,008.1 |
| Private consumption of fixed capital | 1,135.9 |
| Government consumption of fixed capital | 218.1 |
| Statistical discrepancy | 25.6 |
| National Income | 9,679.7 |
- NDP: Net domestic product is defined as "gross domestic product (GDP) minus depreciation of capital", similar to NNP.
- GDP per capita: Gross domestic product per capita is the mean value of the output produced per person, which is also the mean income.
Read more about this topic: Measures Of National Income And Output
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