Posted in Finance, Accounting and Economics Terms, Total Reads: 1016
Definition: Gross National Product
Gross National Product of a country is the total monetary value of goods and services produced in a year by the domestic and foreign sources as claimed by its residents. Gross National Product is based on the ownership and makes it independent of the geographical location of the production as it is considered in Gross Domestic product.
Gross National Product is generally measured as the sum of Gross Domestic Product and Net Factor Income from abroad that is the difference between the incomes earned by nationals residing in foreign countries and incomes of foreign nationals residing in that country.