gross national product: meaning, definition, pronunciation and examples

GDP measures the value of goods and services produced within a country's borders, regardless of ownership. GNP measures the value produced by a country's residents and businesses, regardless of where in the world that production occurs.

GDP is far more commonly used in modern economic reporting, policy discussions, and international comparisons (e.g., by the IMF and World Bank). GNP is now less frequent but still relevant for analysing national income.

Yes. If a country's residents and companies earn more income from their overseas investments and work than foreign entities earn within that country, its GNP will be higher than its GDP. This is often the case for nations with large overseas investments.

In this context, 'gross' means 'total before deductions'. It does not account for the depreciation (wear and tear) of capital assets. The figure that accounts for depreciation is called Net National Product (NNP).

The total monetary value of all final goods and services produced by a country's residents and businesses in a specific time period, regardless of location.

Gross national product is usually academic / technical / formal business in register.

Gross national product: in British English it is pronounced /ˌɡrəʊs ˌnæʃnəl ˈprɒdʌkt/, and in American English it is pronounced /ˌɡroʊs ˌnæʃnəl ˈprɑːdəkt/. Tap the audio buttons above to hear it.